HF 2993

as introduced - 87th Legislature (2011 - 2012) Posted on 04/04/2012 01:50pm

A bill for an act
relating to financing a National Football stadium; providing alternative backup
financing.

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

Section 1. new text begin ALTERNATIVE BACKUP FINANCING FOR A SPORTS STADIUM.
new text end

new text begin Construction of a new National Football stadium may not be funded from any tax
imposed by Hennepin County. Notwithstanding any other law, or local government
ordinance or charter provision to the contrary, any provision made in a law authorizing
a new stadium that requires the imposition of a new tax or the diversion of an existing
tax from its current authorized uses in Hennepin County as a backup revenue source is
void, and is replaced with a requirement that a portion of the property taxes levied by and
collected for the following jurisdictions be used as a backup revenue source instead:
new text end

new text begin (1) Cook County; and
new text end

new text begin (2) the cities of Fairmont, Blue Earth, Winnebago, Lake Crystal, Rochester,
Moorhead, North Mankato, Worthington, Brooklyn Park, Preston, Lanesboro, La Crescent,
Maplewood, Glenwood, Sauk Centre, Cottage Grove, Newport, and St. Paul Park.
new text end

new text begin The percentage of property tax remitted from each jurisdiction may not exceed
... percent of its adjusted net tax capacity and the percentage must be the same for all
jurisdictions. The appropriate county auditor for each affected jurisdiction shall calculate
the allocated revenues and remit them to the commissioner of management and budget
for deposit in the general fund. All the provisions regarding notification, administration,
and use of a Hennepin County tax in the original authorizing legislation shall apply to the
notification, administration, and use of local property taxes in this section.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end