HF 3300

as introduced - 90th Legislature (2017 - 2018) Posted on 03/05/2018 02:54pm

A bill for an act
relating to the city of Minneapolis; authorizing the use of special tax increment
financing rules for a project.

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

Section 1. new text begin CITY OF MINNEAPOLIS; UPPER HARBOR TERMINAL
REDEVELOPMENT PROJECT.
new text end

new text begin Subdivision 1. new text end

new text begin Qualifying rules. new text end

new text begin Notwithstanding the criteria in Minnesota Statutes,
section 469.174, subdivision 10, the governing body of the city of Minneapolis may establish
by resolution one or more redevelopment tax increment financing districts within that portion
of the North Washington Industrial Park Redevelopment Project Area as its boundaries
existed on January 1, 2018, located north of Lowry Avenue. In each resolution, the city
must find that each parcel in the district was part of property that was formerly used as a
municipally owned intermodal barge shipping facility that can no longer be used for such
purpose due to the closure of the Upper St. Anthony Falls Lock under the federal Water
Resources Reform and Development Act of 2014. Except as provided in this section, the
provisions of Minnesota Statutes, sections 469.174 to 469.1794, apply to each district created
under this section.
new text end

new text begin Subd. 2. new text end

new text begin Use of increments. new text end

new text begin Minnesota Statutes, section 469.176, subdivision 4j, does
not apply to any district established under this section.
new text end

new text begin Subd. 3. new text end

new text begin Original net tax capacity. new text end

new text begin Notwithstanding Minnesota Statutes, sections
469.174, subdivision 7, and 469.177, subdivision 1, the original net tax capacity of any
district established under this section is zero.
new text end

new text begin Subd. 4. new text end

new text begin Five-year rule. new text end

new text begin The five-year period under Minnesota Statutes, section 469.1763,
subdivision 3, is extended to ten years for any district established under this section.
new text end

new text begin Subd. 5. new text end

new text begin Pooling authority. new text end

new text begin Notwithstanding Minnesota Statutes, section 469.1763,
subdivision 2, tax increments from any district established under this section may be
expended anywhere within the portion of the project area as described in subdivision 1, on
eligible costs permitted under Minnesota Statutes, sections 469.174 to 469.1794, as amended.
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 Minneapolis and its chief clerical officer comply with Minnesota Statutes, section
645.021, subdivisions 2 and 3.
new text end