HF 1950

as introduced - 91st Legislature (2019 - 2020) Posted on 03/04/2019 02:06pm

A bill for an act
relating to taxation; tax increment financing; modifying special rules for the city
of Hopkins; amending Laws 2003, chapter 127, article 10, section 31, subdivision
1, as amended.

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

Section 1.

Laws 2003, chapter 127, article 10, section 31, subdivision 1, as amended by
Laws 2008, chapter 366, article 5, section 21, is amended to read:

Subdivision 1.

District extension.

(a) The governing body of the city of Hopkins may
elect to extend the duration of its redevelopment tax increment financing district 2-11 by
up to four additional years.

(b) deleted text begin Notwithstanding any law to the contrary, effective upon approval of this subdivision,
no increments may be spent on activities located outside of the area of the district, other
than:
deleted text end

deleted text begin (1) to pay administrative expenses; or
deleted text end

deleted text begin (2) to pay the costs of housing activities, provided that expenditures under this clause
may not exceed 20 percent of the total tax increments from the district deleted text end new text begin Minnesota Statutes,
section 469.176, subdivision 4j, does not apply to any district established under this section,
and the permitted percentage of increments that may be expended on activities outside the
district under Minnesota Statutes, section 469.1763, subdivision 2, is increased to 35 percent
for the district 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 Hopkins and compliance with the requirement of Minnesota Statutes, section
645.021.
new text end