HF 4125

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to tax increment financing; allowing a tax increment financing district
in the city of Aitkin to capture the state general tax for certain parcels and
expanding the qualifying uses of increment for the district.

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

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

new text begin Subdivision 1. new text end

new text begin State general tax. new text end

new text begin Increments for the Aitkin County Housing and
Redevelopment Authority tax increment financing district TIF-2 redevelopment include
the state general tax paid by captured tax capacity under Minnesota Statutes, section
275.025, for the following parcels of property:
new text end

new text begin (1) PIN 56-1-177000, the Stern Rubber project; and
new text end

new text begin (2) PIN 56-1-179501, the Computer Associates project.
new text end

new text begin Subd. 2. new text end

new text begin Qualifying expenses. new text end

new text begin Notwithstanding any law to the contrary, the
housing and redevelopment authority may use revenues derived from tax increments to
pay for site acquisition and improvement costs and for public infrastructure costs that
were incurred for the projects listed in subdivision 1 without regard to whether they were
paid or incurred before execution of the development agreement or whether they are
located within the project area.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for the first taxes payable year that
begins after compliance by the governing body of the city of Aitkin with the requirements
of Minnesota Statutes, section 645.021.
new text end