HF 1603

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to tax increment financing; allowing the city 
  1.3             of Fairmont to adjust the original tax capacity of a 
  1.4             tax increment financing district. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [CITY OF FAIRMONT.] 
  1.7      Subdivision 1.  [AUTHORITY TO REDUCE ORIGINAL VALUE.] The 
  1.8   city of Fairmont may elect to reduce the original tax capacity 
  1.9   of a previously tax exempt parcel, consisting of property 
  1.10  formerly owned by the United States post office, in tax 
  1.11  increment financing district No. 20, to the value of the land. 
  1.12     Subd. 2.  [EFFECTIVE DATE.] This section is effective upon 
  1.13  compliance by the city of Fairmont with the requirements of 
  1.14  Minnesota Statutes, section 645.021.