as introduced - 92nd Legislature (2021 - 2022) Posted on 03/01/2021 04:12pm
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.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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Notwithstanding Minnesota Statutes, section
469.176, subdivision 4j, or 469.1763, subdivision 2, or any law to the contrary, the governing
body of the city of Fridley or its development authority may elect to spend tax increments
from Tax Increment Financing District No. 20 on housing programs outside of the district.
The authorized housing programs include but are not limited to:
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(1) the revolving rehab loan program;
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(2) the multifamily improvement loan program;
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(3) the mobile home improvement loan program;
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(4) the last resort emergency deferred loan program;
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(5) the senior deferred loan program;
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(6) the down payment assistance loan program;
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(7) the residential major project grant program;
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(8) the residential paint rebate grant program; and
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(9) the front door grant program.
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The five-year rule under Minnesota Statutes, section 469.1763,
subdivision 3, and the use of revenues for decertification in Minnesota Statutes, section
469.1763, subdivision 4, do not apply to Tax Increment Financing District No. 20.
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The authority to make the election under this section expires
December 31, 2023.
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This section is effective the day after the governing body of the
city of Fridley and its chief clerical officer comply with Minnesota Statutes, section 645.021,
subdivisions 2 and 3.
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