HF 2775

as introduced - 92nd Legislature (2021 - 2022) Posted on 02/28/2022 04:34pm

A bill for an act
relating to taxation; authorizing a tax increment financing district in the city of
Plymouth.

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

Section 1. new text begin CITY OF PLYMOUTH; TIF AUTHORITY.
new text end

new text begin Subdivision 1. new text end

new text begin Establishment. new text end

new text begin Under the special rules established in subdivision 2 of
this section, the city of Plymouth may establish a redevelopment district located wholly
within the city of Plymouth, Hennepin County, Minnesota, limited to the following parcels,
identified by tax identification numbers, together with adjacent roads and rights-of-way:
34-119-22-44-0002, 03-118-22-12-0002, 03-118-22-11-0007, 02-118-22-22-0005, and
03-118-22-14-0032.
new text end

new text begin Subd. 2. new text end

new text begin Special rules. new text end

new text begin If the city establishes a tax increment financing district under
this section, the following special rules apply:
new text end

new text begin (1) the district meets all the requirements of Minnesota Statutes, section 469.174,
subdivision 10;
new text end

new text begin (2) the five-year rule period under Minnesota Statutes, section 469.1763, subdivision 3,
is extended to ten years;
new text end

new text begin (3) Minnesota Statutes, section 469.176, subdivision 4j, does not apply to the district;
and
new text end

new text begin (4) increments generated from the district may be expended on improvements to Hennepin
County Road 47 outside the project area, and all such expenditures are deemed expended
on activities within the district for the purposes of Minnesota Statutes, section 469.1763.
new text end

new text begin Subd. 3. new text end

new text begin Expiration. new text end

new text begin The authority to approve a tax increment financing plan to establish
a tax increment financing district under this section expires December 31, 2029.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day after the governing body of the
city of Plymouth and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021, subdivisions 2 and 3.
new text end