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HF 4121

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

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.23
2.1 2.2

A bill for an act
relating to taxation; authorizing the city of St. Paul to extend the duration of a tax
increment financing district in the city; providing that the district is exempt from
certain requirements.

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

Section 1. new text begin CITY OF ST. PAUL; DOWNTOWN AND SEVENTH PLACE TAX
INCREMENT DISTRICT.
new text end

new text begin Subdivision 1. new text end

new text begin Extension. new text end

new text begin Notwithstanding the provisions of any other law,
including Minnesota Statutes, section 469.176, subdivisions 1b and 1c, upon approval
of the governing body of the city of St. Paul, the duration of the downtown and Seventh
Place tax increment financing district (County No. 82) is extended to December 31, 2030.
new text end

new text begin Subd. 2. new text end

new text begin Special rules. new text end

new text begin Minnesota Statutes, sections 469.176, subdivisions 4j and
4l; 469.1763, subdivisions 3 and 4; and 469.1782, subdivision 2, do not apply to the tax
increment district.
new text end

new text begin Subd. 3. new text end

new text begin Authorized expenditures. new text end

new text begin Tax increments from the downtown and
Seventh Place tax increment district may be expended:
new text end

new text begin (1) for tax increment eligible expenditures within the downtown Seventh Place
redevelopment project area;
new text end

new text begin (2) for immediately adjacent public parking facilities; and
new text end

new text begin (3) to pay principal and interest on obligations or loans issued or made by or to the
city or its housing and redevelopment authority before the effective date of this section
to finance the costs described in clauses (1) and (2), including payment of principal and
interest on any bonds issued to repay the bonds or loans.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon compliance with Minnesota
Statutes, section 645.021, subdivision 3.
new text end