HF 1672

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to the city of New Brighton; tax increment financing.

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

Section 1. new text begin CITY OF NEW BRIGHTON; TAX INCREMENT FINANCING;
EXPENDITURES OUTSIDE DISTRICT.
new text end

new text begin Notwithstanding the provisions of Minnesota Statutes, section 469.1763, subdivision
2, the city of New Brighton may expend increments generated from its tax increment
financing district no. 26 to facilitate eligible activities as permitted by Minnesota Statutes,
section 469.176, subdivision 4e, outside the boundaries of tax increment financing district
no. 26, but only within the area described in Laws 1998, chapter 389, article 11, section
24, subdivision 1, and commonly referred to as the Northwest Quadrant. Minnesota
Statutes, section 469.1763, subdivisions 3 and 4, do not apply to expenditures permitted
by this section.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon approval by the governing
body of the city of New Brighton and compliance by the city with Minnesota Statutes,
section 645.021, subdivision 3.
new text end