HF 1492

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:51am

A bill for an act
relating to taxation; authorizing the city of Hopkins to extend the duration of
certain tax increment financing districts; modifying the application of certain
rules to the districts.

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

Section 1. new text begin HOPKINS TAX INCREMENT FINANCING DISTRICTS.
new text end

new text begin Subdivision 1. new text end

new text begin District extension. new text end

new text begin The governing body of the city of Hopkins
may elect to extend the duration of its redevelopment tax increment financing districts
1-3 and 1-4 by up to five additional years.
new text end

new text begin Subd. 2. 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, must be considered to be met for the city of Hopkins redevelopment tax
increment district 1-3, if the activities are undertaken within seven years from the date of
certification of the district.
new text end

new text begin Subd. 3. new text end

new text begin Four-year rule. new text end

new text begin The requirement of Minnesota Statutes, section 469.176,
subdivision 6, is modified as it relates to the city of Hopkins tax increment financing
district 1-3 so that the qualifying activity must occur within six years of certification
of the district.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin Subdivision 1 is effective upon compliance with Minnesota
Statutes, sections 469.1782, subdivision 2, and 645.021. Subdivisions 2 and 3 are effective
upon compliance by the governing body of the city of Hopkins with Minnesota Statutes,
section 645.021.
new text end