HF 3687

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

  1.1                          A bill for an act 
  1.2             relating to taxation; authorizing the extension of the 
  1.3             duration of a tax increment financing district located 
  1.4             in the city of Minneapolis. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [CITY OF MINNEAPOLIS TAX INCREMENT DISTRICT; 
  1.7   DURATION EXTENSION.] 
  1.8      (a) Notwithstanding Minnesota Statutes, section 469.176, 
  1.9   subdivision 1b, upon approval of the city council of the city of 
  1.10  Minneapolis, the Minneapolis community development agency may 
  1.11  extend the duration of the southeast Minneapolis industrial area 
  1.12  redevelopment area phase 4 tax increment financing district for 
  1.13  a period of up to six years. 
  1.14     (b) Upon payment in full of the Minneapolis community 
  1.15  development agency amended and restated tax increment revenue 
  1.16  note, in the original face amount of $1,000,000, issued December 
  1.17  4, 1997, the district shall terminate and the authority granted 
  1.18  under this section shall terminate. 
  1.19     (c) Minnesota Statutes, section 469.1782, subdivision 2, 
  1.20  does not apply to the duration extension under this section. 
  1.21     [EFFECTIVE DATE.] This section is effective upon compliance 
  1.22  by the Minneapolis city council with the requirements of 
  1.23  Minnesota Statutes, section 645.021.