HF 478

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of Red Wing; authorizing the city 
  1.3             to extend the duration of certain tax increment 
  1.4             financing districts. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [RED WING TAX INCREMENT FINANCING DISTRICTS 
  1.7   EXTENSIONS.] 
  1.8      (a) Notwithstanding Minnesota Statutes, section 469.176, 
  1.9   subdivision 1c, the governing body of the city of Red Wing may 
  1.10  extend by resolution the duration of the following tax increment 
  1.11  financing districts as shown: 
  1.12     (1) tax increment financing district 5-1 in Industrial 
  1.13  Development District No. 5 by five years; and 
  1.14     (2) the two tax increment financing districts within 
  1.15  Development Districts I and II, as extended under Laws 1994, 
  1.16  chapter 587, article 9, section 32, by an additional 5.5 years. 
  1.17     (b) The amount of additional increments that may be paid to 
  1.18  the district as a result of this section must not exceed 
  1.19     (1) the increment that would have been collected if the 
  1.20  class rate changes and elimination of the state-determined 
  1.21  education property tax levy had not been made under Laws 2001, 
  1.22  First Special Session chapter 5, for the term of the district 
  1.23  under general law; less 
  1.24     (2) the actual increment collected for the term of the 
  1.25  district under general law. 
  2.1      (c) Notwithstanding Minnesota Statutes, section 469.176, 
  2.2   subdivision 1c, tax increments from tax increment financing 
  2.3   districts in Development Districts I and II may be used to 
  2.4   reimburse the city in the amount of $870,000 for 2002 and 2003 
  2.5   debt service payments made by the city on tax increment 
  2.6   obligations issued with respect to Development Districts I and 
  2.7   II. 
  2.8      [EFFECTIVE DATE.] This section is effective upon compliance 
  2.9   with Minnesota Statutes, sections 469.1782, subdivision 2, and 
  2.10  645.021.