HF 2174

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of Columbia Heights; providing 
  1.3             for the extension of and authorizing certain 
  1.4             expenditures from certain tax increment financing 
  1.5             districts. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [EXTENSION OF DISTRICT.] 
  1.8      The governing body of the city of Columbia Heights may 
  1.9   extend the duration of tax increment financing district numbers 
  1.10  K2 (MURP), M8 (Sheffield), N7 (53rd Avenue) and P3/P4 (Housing 
  1.11  TIF No. 1) in the city of Columbia Heights by up to four 
  1.12  additional years.  The provisions of Minnesota Statutes, section 
  1.13  469.1782, subdivision 1, do not apply to the extension of the 
  1.14  district under this section. 
  1.15     Sec. 2.  [LIMITATIONS.] 
  1.16     Tax increment attributable to the extension in section 1 
  1.17  must be used solely to pay principal of and interest on any 
  1.18  outstanding obligations, after application of the amounts 
  1.19  authorized to be spent under section 3. 
  1.20     Sec. 3.  [POOLING PERMITTED.] 
  1.21     Notwithstanding any other law to the contrary, tax 
  1.22  increments from any tax increment financing district in the city 
  1.23  may be used to pay principal of and interest on outstanding 
  1.24  obligations, the proceeds of which were used to finance 
  1.25  activities located outside the boundaries of the district.  The 
  2.1   amount qualifying under this section to be spent outside the 
  2.2   district is limited to an amount necessary to make payments on 
  2.3   outstanding obligations after application of tax increments 
  2.4   originally pledged to pay such outstanding obligations. 
  2.5      Sec. 4.  [DEFINITIONS.] 
  2.6      For the purposes of this section, the term "outstanding 
  2.7   obligations" means any general obligation bonds issued by the 
  2.8   city of Columbia Heights or any development authority controlled 
  2.9   by the city, that were issued before January 1, 1999, and were 
  2.10  secured in whole or in part with tax increment from any tax 
  2.11  increment financing district in the city. 
  2.12     Sec. 5.  [EFFECTIVE DATE.] 
  2.13     Sections 1 to 4 are effective upon local approval in 
  2.14  compliance with the requirements of Minnesota Statutes, sections 
  2.15  469.1782, subdivision 2, and 645.021.