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HF 1686

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

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

Current Version - as introduced

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A bill for an act
relating to tax increment financing; changing provisions relating to Minneapolis
housing replacement districts; amending Laws 1995, chapter 264, article 5,
sections 44, subdivision 4, as amended; 45, subdivision 1, as amended.

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

Section 1.

Laws 1995, chapter 264, article 5, section 44, subdivision 4, as amended
by Laws 1996, chapter 471, article 7, section 21, and Laws 1997, chapter 231, article 10,
section 12, is amended to read:


Subd. 4.

Authority.

For housing replacement projects in the city of Crystal,
"authority" means the Crystal economic development authority. For housing replacement
projects in the city of Fridley, "authority" means the housing and redevelopment authority
in and for the city of Fridley or a successor in interest. For housing replacement
projects in the city of Minneapolis, "authority" means the Minneapolis community
development agencynew text begin or its successors and assignsnew text end . For housing replacement projects
in the city of St. Paul, "authority" means the St. Paul housing and redevelopment
authority. For housing replacement projects in the city of Duluth, "authority" means the
Duluth economic development authority. For housing replacement projects in the city of
Richfield, "authority" is the authority as defined in Minnesota Statutes, section 469.174,
subdivision 2
, that is designated by the governing body of the city of Richfield. For
housing replacement projects in the city of Columbia Heights, "authority" is the authority
as defined in Minnesota Statutes, section 469.174, subdivision 2, that is designated by the
governing body of the city of Columbia Heights.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment
and upon compliance by the governing body of the city of Minneapolis with Minnesota
Statutes, section 645.021, subdivision 3.
new text end

Sec. 2.

Laws 1995, chapter 264, article 5, section 45, subdivision 1, as amended by
Laws 1996, chapter 471, article 7, section 22, and Laws 1997, chapter 231, article 10,
section 13, and Laws 2002, chapter 377, article 7, section 6, is amended to read:


Subdivision 1.

Creation of projects.

(a) An authority may create a housing
replacement project under sections 44 to 47, as provided in this section.

(b) For the cities of Crystal, Fridley, Richfield, and Columbia Heights, the authority
may designate up to 50 parcels in the city to be included in a housing replacement
district. No more than ten parcels may be included in year one of the district, with up
to ten additional parcels added to the district in each of the following nine years. For
the cities of deleted text begin Minneapolis,deleted text end St. Pauldeleted text begin ,deleted text end and Duluth, each authority may designate not more
than 200 parcels in the city to be included in a housing replacement district over the life
of the district. new text begin For the city of Minneapolis, the authority may designate not more than
300 parcels in the city to be included in a housing replacement district over the life of
the district.
new text end The only parcels that may be included in a district are (1) vacant sites, (2)
parcels containing vacant houses, or (3) parcels containing houses that are structurally
substandard, as defined in Minnesota Statutes, section 469.174, subdivision 10.

(c) The city in which the authority is located must pay at least 25 percent of the
housing replacement project costs from its general fund, a property tax levy, or other
unrestricted money, not including tax increments.

(d) The housing replacement district plan must have as its sole object the acquisition
of parcels for the purpose of preparing the site to be sold for market rate housing. As
used in this section, "market rate housing" means housing that has a market value that
does not exceed 150 percent of the average market value of single-family housing in that
municipality.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment
and upon compliance by the governing body of the city of Minneapolis with Minnesota
Statutes, section 645.021, subdivision 3.
new text end