HF 4645

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/28/2022 02:39pm

A bill for an act
relating to taxation; credit for historic structure rehabilitation; providing for the
status of the Water Tower Barn in Scandia as part of the Scandia Arts and Heritage
Center project.

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

Section 1. new text begin SCANDIA WATER TOWER BARN.
new text end

new text begin (a) The State Historic Preservation Office has indicated the Water Tower Barn in the
city of Scandia is likely to be eligible for listing on the National Register of Historic Places
upon its re-erection and certified rehabilitation. In the event the Water Tower Barn qualifies
for federal and state historic tax credits, the structure and a suitable portion of the site may
be excluded from the state bond financed property pursuant to Minnesota Statutes, section
16A.695, provided that no proceeds of state general obligation bonds are used for any portion
of the Scandia Arts and Heritage Center project that is not subject to Minnesota Statutes,
section 16A.695.
new text end

new text begin (b) Nonstate amounts received and spent on the re-erection and rehabilitation of the
Water Tower Barn, including amounts contributed and the fair market value of (1) the land
leased by the city of Scandia, (2) the contributed historic structure, and (3) in-kind
contributions, shall be counted toward the match requirement under Minnesota Statutes,
section 16A.86, subdivision 4. Funds invested by an investor receiving an assignment of
state historic tax credits pursuant to Minnesota Statutes, section 290.0681, are nonstate
funds for purposes of the match requirement under Minnesota Statutes, section 16A.86,
subdivision 4. Due to the integrated nature of the overall project, public bidding is not
required.
new text end