HF 1945

as introduced - 89th Legislature (2015 - 2016) Posted on 03/17/2015 11:35am

A bill for an act
relating to the city of Wayzata; tax increment financing; extending the five-year
rule for Tax Increment Financing District 3.

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

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

new text begin The requirements of Minnesota Statutes, section 469.1763, subdivision 3, that
activities must be undertaken within a five-year period from the date of certification of a
tax increment financing district, are considered to be met for Tax Increment Financing
District 3 (Widsten) in the city of Wayzata if the revenues derived from tax increments
from the district are expended for any project contemplated by the original tax increment
financing plan for the district, including, without limitation, a municipal parking ramp
within the district.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon compliance by the chief clerical
officer of the governing body of the city of Wayzata with the requirements of Minnesota
Statutes, section 645.021, subdivisions 2 and 3.
new text end