HF 4297

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/14/2022 03:10pm

A bill for an act
relating to taxation; tax increment financing; establishing special rules for Fridley
Tax Increment Financing District No. 20.

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

Section 1. new text begin CITY OF FRIDLEY; TAX INCREMENT FINANCING DISTRICT;
SPECIAL RULES.
new text end

new text begin Subdivision 1. new text end

new text begin Housing program uses. new text end

new text begin Notwithstanding Minnesota Statutes, section
469.176, subdivision 4j, or 469.1763, subdivision 2, or any other law to the contrary, the
governing body of the city of Fridley or its development authority may elect until December
31, 2038, to spend tax increments from Tax Increment Financing District No. 20 on grant
and loan programs for housing outside of the district. Increment may only be spent on
housing programs adopted by the development authority on or prior to December 31, 2021.
new text end

new text begin Subd. 2. new text end

new text begin Decertification. new text end

new text begin The five-year rule under Minnesota Statutes, section 469.1763,
subdivision 3, and the six-year rule under Minnesota Statutes, section 469.1763, subdivision
4, do not apply to Tax Increment Financing District No. 20.
new text end

new text begin Subd. 3. new text end

new text begin Reporting. new text end

new text begin Expenditures for the purposes authorized in this section are not
subject to the annual reporting requirements imposed by Minnesota Statutes, section 469.175,
subdivision 6, except that the total amount of these expenditures must be reported.
new text end

new text begin Subd. 4. new text end

new text begin Expiration. new text end

new text begin The authority to make the election under this section expires
December 31, 2022.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day after the governing body of the
city of Fridley and its chief clerical officer comply with Minnesota Statutes, section 645.021,
subdivisions 2 and 3.
new text end