HF 2381

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to tax increment financing; authorizing the 
  1.3             extension of a redevelopment district in the city of 
  1.4             Wabasha. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [WABASHA TAX INCREMENT FINANCING DISTRICT.] 
  1.7      Subdivision 1.  [DISTRICT EXTENSION.] The governing body of 
  1.8   the city of Wabasha may elect to extend the duration of its 
  1.9   redevelopment tax increment financing district number 3 by up to 
  1.10  five additional years. 
  1.11     Subd. 2.  [FIVE-YEAR RULE.] The requirements of Minnesota 
  1.12  Statutes, section 469.1763, subdivision 3, that activities must 
  1.13  be undertaken within a five-year period from the date of 
  1.14  certification of a tax increment financing district must be 
  1.15  considered to be met for the city of Wabasha redevelopment tax 
  1.16  increment district number 3, if the activities are undertaken 
  1.17  within ten years from the date of certification of the district. 
  1.18     Subd. 3.  [NATIONAL EAGLE CENTER.] Notwithstanding the 
  1.19  provisions of Minnesota Statutes, section 469.176, subdivision 
  1.20  4l, or any other law, the city of Wabasha may spend the proceeds 
  1.21  of tax increment bonds issued prior to January 1, 2000, to pay 
  1.22  the costs of acquiring and constructing a National Eagle Center 
  1.23  in the city.  The city of Wabasha may also use tax increment 
  1.24  from its tax increment districts to pay the debt service on such 
  1.25  bonds, or any bonds issued to refund such bonds, subject to 
  2.1   legal restrictions on the pooling of tax increment. 
  2.2      [EFFECTIVE DATE.] Subdivision 1 is effective upon 
  2.3   compliance with the provisions of Minnesota Statutes, sections 
  2.4   469.1782, subdivision 2, and 645.021.  Subdivisions 2 and 3 are 
  2.5   effective upon compliance by the governing body of the city of 
  2.6   Wabasha with the provisions of Minnesota Statutes, section 
  2.7   645.021.