HF 3491

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to tax increment financing; authorizing 
  1.3             certain cities to include not more than 200 parcels in 
  1.4             a housing replacement district; amending Laws 1995, 
  1.5             chapter 264, article 5, section 45, subdivision 1, as 
  1.6             amended. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Laws 1995, chapter 264, article 5, section 45, 
  1.9   subdivision 1, as amended by Laws 1996, chapter 471, article 7, 
  1.10  section 22, and Laws 1997, chapter 231, article 10, section 13, 
  1.11  is amended to read: 
  1.12     Subdivision 1.  [CREATION OF PROJECTS.] (a) An authority 
  1.13  may create a housing replacement project under sections 44 to 
  1.14  47, as provided in this section. 
  1.15     (b) For the cities of Crystal, Fridley, Richfield, and 
  1.16  Columbia Heights, the authority may designate up to 50 parcels 
  1.17  in the city to be included in a housing replacement district.  
  1.18  No more than ten parcels may be included in year one of the 
  1.19  district, with up to ten additional parcels added to the 
  1.20  district in each of the following nine years.  For the cities of 
  1.21  Minneapolis, St. Paul, and Duluth, each authority may designate 
  1.22  up to 100 not more than 200 parcels in the city to be included 
  1.23  in a housing replacement district over the life of the 
  1.24  district.  The only parcels that may be included in a district 
  1.25  are (1) vacant sites, (2) parcels containing vacant houses, or 
  1.26  (3) parcels containing houses that are structurally substandard, 
  2.1   as defined in Minnesota Statutes, section 469.174, subdivision 
  2.2   10.  
  2.3      (c) The city in which the authority is located must pay at 
  2.4   least 25 percent of the housing replacement project costs from 
  2.5   its general fund, a property tax levy, or other unrestricted 
  2.6   money, not including tax increments. 
  2.7      (d) The housing replacement district plan must have as its 
  2.8   sole object the acquisition of parcels for the purpose of 
  2.9   preparing the site to be sold for market rate housing.  As used 
  2.10  in this section, "market rate housing" means housing that has a 
  2.11  market value that does not exceed 150 percent of the average 
  2.12  market value of single-family housing in that municipality.