SF 2303

Introduction - 83rd Legislature (2003 - 2004)

Posted on 12/15/2009 12:00 a.m.

  1.1                          A bill for an act 
  1.2             relating to taxation; removing a duration limitation 
  1.3             on a redevelopment tax increment financing district in 
  1.4             the city of Minneapolis; amending Laws 1998, chapter 
  1.5             389, article 11, section 19, subdivision 3. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Laws 1998, chapter 389, article 11, section 19, 
  1.8   subdivision 3, is amended to read: 
  1.9      Subd. 3.  [DURATION OF DISTRICT.] Notwithstanding the 
  1.10  provisions of Minnesota Statutes, section 469.176, subdivision 
  1.11  1b, no tax increment may be paid to the authority or the city 
  1.12  after 18 years from the date of receipt by the authority of the 
  1.13  first increment generated from the final phase of 
  1.14  redevelopment.  In no case may increments be paid to the 
  1.15  authority after 30 years from approval of the tax increment 
  1.16  plan.  "Final phase of redevelopment" means that phase of 
  1.17  redevelopment activity which completes the rehabilitation of the 
  1.18  Lake Street site. 
  1.19     [EFFECTIVE DATE.] This section is effective upon compliance 
  1.20  with Minnesota Statutes, sections 469.1782, subdivision 2, and 
  1.21  645.021, subdivision 2.