as introduced - 91st Legislature (2019 - 2020) Posted on 02/11/2020 03:35pm
Engrossments | ||
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Introduction | Posted on 02/10/2020 |
A bill for an act
relating to taxation; tax increment financing; authorizing tax increment financing
districts in the city of Burnsville.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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Under the special rules established in subdivision 2, the
economic development authority of the city of Burnsville or the city of Burnsville may
establish one or more redevelopment districts located wholly within the area of the city of
Burnsville, Dakota County, Minnesota, limited to the parcels comprising the Burnsville
Center mall together with adjacent roads and rights-of-way.
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If the city or authority establishes a tax increment financing
district under this section, the following special rules apply:
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(1) the districts are deemed to meet all the requirements of Minnesota Statutes, section
469.174, subdivision 10;
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(2) expenditures incurred in connection with the development of the property described
in subdivision 1 are deemed to meet the requirements of Minnesota Statutes, section 469.176,
subdivision 4j; and
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(3) increments generated from the districts may be expended for the construction and
acquisition of property for a bridge, tunnel, or other connector from the property described
in subdivision 1 across adjacent roads and rights-of-way and all such expenditures are
deemed expended on activities within the district for purposes of Minnesota Statutes, section
469.1763.
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This section is effective the day after the governing body of the
city of Burnsville and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021.
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