SF 1690

as introduced - 88th Legislature (2013 - 2014) Posted on 02/26/2014 08:27am

A bill for an act
relating to taxation; tax increment financing; extending the period for the city of
Eagan to collect tax increment; authorizing that the current local tax rate be used
to compute tax increment; extending five-year rule.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin CITY OF EAGAN; TAX INCREMENT FINANCING.
new text end

new text begin Subdivision 1. new text end

new text begin Duration of district. new text end

new text begin Notwithstanding the provisions of Minnesota
Statutes, section 469.176, subdivision 1b, or any other law to the contrary, the city of
Eagan may collect tax increment from the Cedar Grove Tax Increment Financing District
through December 31, 2044.
new text end

new text begin Subd. 2. new text end

new text begin Tax rate. new text end

new text begin Effective for taxes payable in 2015, tax increment for the district
must be computed using the current local tax rate, notwithstanding the provisions of
Minnesota Statutes, section 469.177, subdivision 1a.
new text end

new text begin Subd. 3. new text end

new text begin Five-year rule. new text end

new text begin The requirements of Minnesota Statutes, section 469.1763,
subdivision 3, that activities must be undertaken within a five-year period from the date of
certification of a tax increment financing district, is considered to be met for the Cedar
Grove Tax Increment Financing District if the activities are undertaken within 15 years
from the date of certification of the district.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon compliance by the governing
bodies of the city of Eagan, Dakota County, and Independent School District No. 191 with
the requirements of Minnesota Statutes, sections 469.1782, subdivision 2, and 645.021,
subdivision 3.
new text end