HF 1322

as introduced - 92nd Legislature (2021 - 2022) Posted on 02/18/2021 03:34pm

A bill for an act
relating to taxation; tax increment financing; authorizing the city of Minnetonka
to use tax increment for certain housing projects.

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

Section 1. new text begin CITY OF MINNETONKA; USE OF INCREMENT AUTHORIZED.
new text end

new text begin (a) Notwithstanding Minnesota Statutes, section 469.1763, or any law to the contrary,
tax increments from any redevelopment tax increment financing district in the city of
Minnetonka may be used to assist affordable housing development that meets the
requirements of Minnesota Statutes, section 469.1761, subdivision 2 or 3.
new text end

new text begin (b) The city of Minnetonka, or its economic development authority, is authorized to
transfer up to 15 percent of tax increment from tax increment districts in the city of
Minnetonka to the affordable housing trust fund established by the city of Minnetonka
pursuant to Minnesota Statutes, section 462C.16, for expenditures made in conformity with
the city ordinance establishing the trust fund. Transfers made pursuant to this paragraph are
in addition to tax increment expenditures under Minnesota Statutes, section 469.1763,
subdivision 2, paragraph (d).
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 Minnetonka and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021, subdivisions 2 and 3.
new text end