1.1                          A bill for an act 
  1.2             relating to taxation; authorizing creation of a tax 
  1.3             increment financing district in the city of St. 
  1.4             Michael subject to certain requirements. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [CITY OF ST. MICHAEL; TAX INCREMENT FINANCING 
  1.7   DISTRICT.] 
  1.8      Subdivision 1.  [ESTABLISHMENT OF DISTRICT.] The city of St.
  1.9   Michael may establish a redevelopment tax increment financing 
  1.10  district subject to Minnesota Statutes, sections 469.174 to 
  1.11  469.179, except as provided in this section.  The district must 
  1.12  be established within an area that includes the downtown and 
  1.13  town center areas as designated by the city as well as all 
  1.14  parcels adjacent to marked trunk highway 241 within the city. 
  1.15     Subd. 2.  [SPECIAL RULES.] (a) Notwithstanding the 
  1.16  requirements of Minnesota Statutes, section 469.174, subdivision 
  1.17  10, the district may be established and operated as a 
  1.18  redevelopment district. 
  1.19     (b) Notwithstanding the restrictions of Minnesota Statutes, 
  1.20  sections 469.176, subdivisions 4 and 4j, and 469.1763, 
  1.21  subdivision 2, revenues derived from tax increments from the 
  1.22  district created under this section may be used to meet the cost 
  1.23  of land acquisition, removal of buildings in the right-of-way 
  1.24  acquisition area, and other costs incurred by the city of St. 
  1.25  Michael in the expansion and improvement of marked trunk highway 
  2.1   241 within the city. 
  2.2      (c) Minnesota Statutes, section 469.176, subdivision 5, 
  2.3   does not apply to the district. 
  2.4      <b>[EFFECTIVE DATE.]</b> This section is effective the day after 
  2.5   the governing body of the city of St. Michael complies with 
  2.6   Minnesota Statutes, section 645.021, subdivision 3.