SF 2341

as introduced - 88th Legislature (2013 - 2014) Posted on 03/06/2014 04:11pm

A bill for an act
relating to taxation; city of Edina; extending authority to collect and spend tax
increments.

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

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

new text begin Subdivision 1. new text end

new text begin Developments consisting of building and ancillary facilities.
new text end

new text begin Notwithstanding Minnesota Statutes, section 469.176, subdivision 1b, or any other law
to the contrary, the city of Edina may use tax increments from its Southdale 2 Tax
Increment Financing District to provide improvements, loans, subsidies, grants, interest
rate subsidies, or assistance in any form to developments consisting of buildings and
ancillary facilities, if all of the following conditions are met:
new text end

new text begin (1) the governing body of the city of Edina finds that the project will create or retain
jobs in Minnesota, including construction jobs;
new text end

new text begin (2) the governing body of the city of Edina finds that construction of the project will
not commence before July 1, 2016, without the use of tax increment financing;
new text end

new text begin (3) construction of the project begins no later than July 1, 2016; and
new text end

new text begin (4) for development of housing, construction of the project begins no later than
December 31, 2017.
new text end

new text begin Subd. 2. new text end

new text begin Extension of authority to collect tax increments. new text end

new text begin Notwithstanding
Minnesota Statutes, section 469.176, subdivision 1b, or any other law to the contrary, the
city of Edina may collect tax increments from its Southdale 2 Tax Increment Financing
District through December 31, 2026.
new text end

new text begin Subd. 3. new text end

new text begin Pooling. new text end

new text begin Notwithstanding Minnesota Statutes, section 469.1763,
subdivision 2, any increments expended pursuant to this section will be an activity in
the district.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon compliance by the governing
bodies of the affected local government units with the requirements of Minnesota Statutes,
sections 469.1782, subdivision 2, and 645.021, subdivisions 2 and 3.
new text end