HF 861

as introduced - 87th Legislature (2011 - 2012) Posted on 03/03/2011 11:43am

A bill for an act
relating to the city of Lino Lakes; allowing extension of a tax increment financing
district.

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

Section 1. new text begin CITY OF LINO LAKES; TAX INCREMENT FINANCING.
new text end

new text begin Subdivision 1. new text end

new text begin Duration of district. new text end

new text begin Notwithstanding the provisions of Minnesota
Statutes, section 469.176, subdivision 1b, the city of Lino Lakes may collect tax
increments from tax increment financing district no. 1-10 through December 31, 2023,
subject to the conditions in subdivision 2.
new text end

new text begin Subd. 2. new text end

new text begin Conditions for extension. new text end

new text begin All tax increments remaining in the account
for the district after February 1, 2011, and all tax increments collected thereafter, must
be used only to pay debt service on bonds issued to finance the interchange of Anoka
County Highway 23 and marked Interstate Highway 35W, bonds issued to finance public
improvements serving the development known as Legacy at Woods Edge, and any bonds
issued to refund those bonds. Minnesota Statutes, sections 469.176, subdivision 4c, and
469.1763 do not apply to expenditures made under this section.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon compliance by the governing
body of the city of Lino Lakes with the requirements of Minnesota Statutes, sections
469.1782, subdivision 2, and 645.021, subdivision 3.
new text end