Minnesota Legislature
HF 1846
as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am
Current Version - as introduced
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A bill for an act
relating to taxation; extending the duration of an
economic development tax increment financing district
in the city of Brooklyn Park; amending Laws 1994,
chapter 587, article 9, section 20, subdivisions 1, 2;
repealing Laws 1994, chapter 587, article 9, section
20, subdivision 4.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Laws 1994, chapter 587, article 9, section 20,
subdivision 1, is amended to read:
Subdivision 1.
Establishment.
The city of Brooklyn Park
may establish an economic development tax increment financing
district in which deleted text begin 15 percent deleted text end new text begin all new text end of the revenue generated from
tax increment in any year new text begin that is not expended pursuant to a
pledge given or encumbrance created before January 1, 2005,new text end is
deposited in the housing development account of the authority
and expended according to the tax increment financing plan.
Sec. 2.
Laws 1994, chapter 587, article 9, section 20,
subdivision 2, is amended to read:
Subd. 2.
Eligible activities.
The authority must
identify in the plan the housing activities that will be
assisted by the housing development account. Housing activities
may include rehabilitation, acquisition, demolition, and
financing of new or existing single family or multifamily
housing. Housing activities listed in the plan need not be
located within the district or project area but must be
activities that meet the requirements of a qualified housing
district under Minnesota Statutes, section deleted text begin 273.1399 or deleted text end 469.1761,
subdivision 2new text begin , for owner-occupied housing or 469.174,
subdivision 29, clause (1), for rental housingnew text end .
Sec. 3. new text begin CITY OF BROOKLYN PARK TAX INCREMENT FINANCING
DISTRICT EXTENSION.
new text end
new text begin
Notwithstanding Minnesota Statutes, section 469.176,
subdivision 1b, or any other law to the contrary, the duration
limit that applies to the economic development tax increment
financing district established under Laws 1994, chapter 587,
article 9, section 20, is extended to December 31, 2020.
new text end
Sec. 4. new text begin REPEALER.
new text end
new text begin
Laws 1994, chapter 587, article 9, section 20, subdivision
4, is repealed.
new text end