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SF 1942

as introduced - 90th Legislature (2017 - 2018) Posted on 03/09/2017 08:19am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to taxation; tax increment financing; authorizing a retroactive approval of
interfund loan.

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

Section 1. new text begin SOUTH ST. PAUL; TAX INCREMENT FINANCING.
new text end

new text begin Notwithstanding the provisions of Minnesota Statutes, section 469.178, subdivision 7,
the governing body of the South St. Paul Economic Development Authority, successor to
the Housing and Redevelopment Authority in and for the city of South St. Paul, may
retroactively approve a previously established interfund loan for the 4th Avenue Village
Tax Increment Financing District in the city of South St. Paul, provided that the governing
body adopts a resolution approving such loan by August 1, 2017, and if the requirements
of Minnesota Statutes, section 469.178, subdivision 7, are otherwise complied with, the
interfund loan authorization shall be deemed consistent with the provisions of Minnesota
Statutes, section 469.178, subdivision 7.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end