HF 1458

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/08/2023 10:24am

A bill for an act
relating to taxation; tax increment financing; creating special rules for the use of
tax increment in the city of Fridley; requiring a report.

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

Section 1. new text begin CITY OF FRIDLEY; TAX INCREMENT FINANCING DISTRICT;
SPECIAL RULES.
new text end

new text begin Subdivision 1. new text end

new text begin Transfer of increment. new text end

new text begin Notwithstanding Minnesota Statutes, section
469.176, subdivision 4j, the city of Fridley, or its economic development authority, may
transfer tax increment accumulated from Fridley Tax Increment Financing District No. 20
to the Fridley Housing and Redevelopment Authority for the purposes authorized in
subdivision 2. Only increment allowed to be expended outside of the district pursuant to
Minnesota Statutes, section 469.1763, subdivision 2, may be transferred under this section.
new text end

new text begin Subd. 2. new text end

new text begin Allowable use. new text end

new text begin Increment transferred under subdivision 1 may only be expended
on housing programs adopted by the Fridley Housing and Redevelopment Authority on or
prior to December 31, 2021.
new text end

new text begin Subd. 3. new text end

new text begin Annual financial reporting. new text end

new text begin Tax increment transferred under this section is
subject to the annual reporting requirements under Minnesota Statutes, section 469.175,
subdivision 6.
new text end

new text begin Subd. 4. new text end

new text begin Legislative reports. new text end

new text begin By February 1, 2024, and February 1, 2026, the city of
Fridley must issue a report to the chairs and ranking minority members of the legislative
committees with jurisdiction over taxes and property taxes. Each report must include detailed
information relating to each program financed with increment transferred under this section.
new text end

new text begin Subd. 5. new text end

new text begin Expiration. new text end

new text begin The authority to make transfers under subdivision 1 expires
December 31, 2026.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day after the governing body of the
city of Fridley and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021, subdivisions 2 and 3.
new text end