HF 4942

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/14/2024 02:34pm

A bill for an act
relating to taxation; tax increment financing; providing five-year rule extensions
and duration extensions for tax increment financing districts in the city of Edina.

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

Section 1. new text begin CITY OF EDINA; 72ND & FRANCE 2 TIF DISTRICT; FIVE-YEAR
RULE EXTENSION; DURATION EXTENSION.
new text end

new text begin (a) The five-year period under Minnesota Statutes, section 469.1763, subdivision 3, is
extended to ten years and the period under Minnesota Statutes, section 469.1763, subdivision
4, relating to the use of increment after the expiration of the five-year period, is extended
to 11 years for Tax Increment Financing District 72nd & France 2 in the city of Edina.
new text end

new text begin (b) Notwithstanding Minnesota Statutes, section 469.176, subdivisions 1b and 1d, the
city of Edina or its housing and redevelopment authority may elect to extend the duration
of the district by five years for Tax Increment Financing District 72nd & France 2.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin Paragraph (a) is effective the day after the governing body of the
city of Edina and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021, subdivisions 2 and 3. Paragraph (b) is effective upon compliance
by the city of Edina, Hennepin County, and Independent School District No. 273 with the
requirements of Minnesota Statutes, section 469.1782, subdivision 2.
new text end

Sec. 2. new text begin CITY OF EDINA; 70TH & FRANCE TIF DISTRICT; FIVE-YEAR RULE
EXTENSION; DURATION EXTENSION.
new text end

new text begin (a) The five-year period under Minnesota Statutes, section 469.1763, subdivision 3, is
extended to ten years and the period under Minnesota Statutes, section 469.1763, subdivision
4, relating to the use of increment after the expiration of the five-year period, is extended
to 11 years for Tax Increment Financing District 70th & France in the city of Edina.
new text end

new text begin (b) Notwithstanding Minnesota Statutes, section 469.176, subdivisions 1b and 1d, the
city of Edina or its housing and redevelopment authority may elect to extend the duration
of the district by ten years for Tax Increment Financing District 70th & France.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin Paragraph (a) is effective the day after the governing body of the
city of Edina and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021, subdivisions 2 and 3. Paragraph (b) is effective upon compliance
by the city of Edina, Hennepin County, and Independent School District No. 273 with the
requirements of Minnesota Statutes, section 469.1782, subdivision 2.
new text end