1.1                          A bill for an act 
  1.2             relating to the city of Albert Lea; authorizing 
  1.3             creation of a tax increment financing district. 
  1.4   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.5      Section 1.  [CITY OF ALBERT LEA; TAX INCREMENT FINANCING 
  1.6   DISTRICT.] 
  1.7      Subdivision 1.  [AUTHORIZATION.] The governing body of the 
  1.8   city of Albert Lea may create a redevelopment tax increment 
  1.9   financing district as provided in this section.  The city or its 
  1.10  port authority may be the "authority" for the purposes of 
  1.11  Minnesota Statutes, sections 469.174 to 469.179. 
  1.12     Subd. 2.  [DEFINITIONS.] (a) For the purposes of this 
  1.13  section, the terms defined in this subdivision have the meanings 
  1.14  given them. 
  1.15     (b) "Redevelopment parcel" means the property in the city 
  1.16  of Albert Lea bounded by Main Street, Garfield Avenue, Front 
  1.17  Street, the Union Pacific railway line, and Albert Lea lake. 
  1.18     (c) "Reconstruction parcel" means the property in the city 
  1.19  of Albert Lea described as lot 1, block 5, Habben First Addition.
  1.20     Subd. 3.  [SPECIAL RULES.] (a) The district established 
  1.21  under this section is subject to the provisions of Minnesota 
  1.22  Statutes, sections 469.174 to 469.179, except as provided in 
  1.23  this subdivision. 
  1.24     (b) The district may consist of the redevelopment parcel 
  2.1   and the reconstruction parcel. 
  2.2      (c) Minnesota Statutes, section 469.174, subdivision 10, 
  2.3   paragraph (f), does not apply to the district, and if the city 
  2.4   finds that the redevelopment parcel meets the criteria described 
  2.5   in Minnesota Statutes, section 469.174, subdivision 10, 
  2.6   paragraph (a), clause (1), then both the redevelopment parcel 
  2.7   and the reconstruction parcel and the district as a whole are 
  2.8   considered to meet those criteria. 
  2.9      (d) Expenditures for activities, as defined in section 
  2.10  469.1763, subdivision 1, paragraph (b), anywhere within the 
  2.11  district are considered costs of correcting conditions that 
  2.12  allow designation of redevelopment districts within the meaning 
  2.13  of Minnesota Statutes, section 469.176, subdivision 4j. 
  2.14     (e) For the purposes of Minnesota Statutes, section 
  2.15  469.1763, subdivision 3, expenditures on the redevelopment 
  2.16  parcel are considered to have been expended on an activity 
  2.17  within the district if a qualifying action occurs within ten 
  2.18  years after certification of the district. 
  2.19     <b>[EFFECTIVE DATE.]</b> This section is effective upon local 
  2.20  approval in compliance with the requirements of Minnesota 
  2.21  Statutes, section 645.021.