HF 3856

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to the city of New Brighton; authorizing tax increment financing.

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

Section 1. new text begin CITY OF NEW BRIGHTON; TAX INCREMENT FINANCING.
new text end

new text begin Subdivision 1. new text end

new text begin Expenditures outside district. new text end

new text begin Notwithstanding the provisions of
Minnesota Statutes, sections 469.176, subdivision 4d, and 469.1763, subdivision 2, or any
other law to the contrary, the city of New Brighton may expend increments generated from
its tax increment financing districts numbers 9, 20, and 26. The increments may be used to
pay eligible expenses as permitted by Minnesota Statutes, section 469.176, subdivision
4j, outside the boundaries of districts numbers 9, 20, and 26, but only within the areas
described in Laws 1998, chapter 389, article 11, section 24, subdivision 1, commonly
referred to as the Northwest Quadrant. Minnesota Statutes, section 469.1763, subdivisions
3 and 4, shall not apply to expenditures permitted in this section.
new text end

new text begin Subd. 2. new text end

new text begin District duration extension. new text end

new text begin Notwithstanding the provisions of Minnesota
Statutes, section 469.176, subdivision 1b, or any other law to the contrary, the duration
limits that apply to redevelopment tax increment financing districts numbers 31 and 32
established under Laws 1998, chapter 389, article 11, section 24, and hazardous substance
subdistricts numbers 31A and 32A established under Minnesota Statutes, sections 469.174
to 469.1799, are extended by four years.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon approval by the governing body
of the city of New Brighton and upon compliance by the city with Minnesota Statutes,
sections 469.1782, subdivision 2, and 645.021, subdivision 3.
new text end