HF 5046

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/20/2024 11:22am

A bill for an act
relating to taxation; tax increment financing; authorizing special rules for the city
of Eden Prairie.

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

Section 1. new text begin CITY OF EDEN PRAIRIE; TAX INCREMENT FINANCING
AUTHORITY; EDEN PRAIRIE CENTER.
new text end

new text begin Subdivision 1. new text end

new text begin Establishment. new text end

new text begin Pursuant to the special rules established in subdivision
2, the economic development authority of the city of Eden Prairie or the city of Eden Prairie
may establish one or more redevelopment districts located within the area of the city of
Eden Prairie consisting of parcels, together with adjacent roads and rights-of-way, within
the area surrounded by Flying Cloud Drive, West 78th Street, and Prairie Center Drive.
new text end

new text begin Subd. 2. new text end

new text begin Special rules. new text end

new text begin If the city or authority establishes a tax increment financing
district under this section, the following special rules apply:
new text end

new text begin (1) the districts are deemed to meet the requirements of Minnesota Statutes, section
469.174, subdivision 10; and
new text end

new text begin (2) Minnesota Statutes, section 469.176, subdivision 4j, does not apply to the district.
new text end

new text begin Subd. 3. new text end

new text begin Expiration. new text end

new text begin The authority to approve a tax increment financing plan to establish
a tax increment financing district under this section expires December 31, 2031.
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 Eden Prairie and its chief clerical officer comply with Minnesota Statutes, section
645.021, subdivisions 2 and 3.
new text end