Relating to public finance

ARTICLE 1 - PUBLIC FINANCE

Authorizing guaranteed investment contracts with domestic affiliates of authorized entities; authorizing special levies by storm sewer improvement districts; increasing the limit on annual appropriations by counties or cities for the maintenance and support of societies for the prevention of cruelty to animals (animal humane societies); expanding the authority of counties and cities to issue capital notes relating to computer hardware and software and extending the term of the notes; extending the deadline for establishment by cities of special service districts or housing improvement areas without enactment of a special law and requiring the filing of copies of ordinances establishing the districts or areas with the state auditor; authorizing municipal gas agencies or utilities to enter into joint ventures to provide gas utility service; providing a temporary exception to competitive bidding requirements of housing and redevelopment authorities (HRA) for construction of certain public transit facilities financed with certain bond proceeds or federal subsidies and extending the terms for obligations sold to finance certain qualified housing development projects, modifying the definition of qualified housing development project; extending the term of bonds issued for municipal industrial development purposes; authorizing property tax abatements to finance historic or heritage preservation and extending the term of the abatements; modifying certain debt reserve requirements under the metropolitan council housing bond credit enhancement program; modifying the prohibition on issuance by the metropolitan council of bonds or obligations for construction of light rail transit (LRT) in the Hiawatha corridor and authorizing the issuance of obligations for capital expenditures prescribed in the regional transit master plan and transit capital improvement program, limit; increasing the public facilities pool reserve requirement for projects financed by the western Lake Superior sanitary district and modifying a certain bond issuance notice requirement; expanding the definition of net debt to obligations to pay judgments; authorizing the issuance of capital improvement bonds for town hall or library improvements and modifying certain limits on issuance of the bonds; expanding a certain provision authorizing the payment of school district refunding bonds from taconite production tax revenues; removing the authority of members of the lakes area economic development authority to levy property taxes and designating the authority as a special taxing district; authorizing the city of Bemidji to extend the duration of the fairgrounds district economic development tax abatement; authorizing and providing for the town of White to issue general obligations to finance local improvements, requiring an agreement with the city of Biwabik; authorizing an increase in the annual property tax levy by the Sauk River watershed district for the general fund; authorizing and providing for the city of St. Paul to participate in the creation of and contract with a nonprofit organization for the management and operation of the RiverCentre complex; repealing the metropolitan council housing bond credit enhancement program

ARTICLE 2 - TAX INCREMENT FINANCING

Eliminating the requirement to decertify tax increment financing districts or hazardous substance subdistricts established to pay the local match requirement under the contamination cleanup grant program; modifying certain TIF provisions; expanding the definitions of housing district and increment; clarifying the requirement for the inclusion of development program statements in TIF plans and requiring the filing of copies of the plans with the state auditor; modifying certain annual financial reporting requirements and certain requirements relating to excess increments; modifying certain provisions regulating housing districts; providing for the computation of certain deficit amounts for pooling purposes; expanding the authority to spend tax increments outside the district; regulating the increment transfers relating to the reduction in increments resulting from the elimination of the general education tax levy for certain purposes; modifying a certain requirement to add certain increases in net tax capacity to the original net tax capacity; expanding the authorized uses of bond proceeds; extending the duration of a certain TIF district in the city of Brooklyn Center; authorizing the city of Fairmont in Martin county and independent school district #2752, Fairmont area schools to abate property taxes for property located in a certain TIF district in the city, limit, authorizing local elected officials to obtain a financial interest in and benefit from the tax abatement under certain conditions; authorizing the city of Wabasha to extend the duration of a certain redevelopment TIF district and to use the proceeds of tax increment bonds issued before a certain date to pay the costs of acquiring and constructing a national eagle center; authorizing and providing for the city of Richfield to create a redevelopment TIF district and the city of Mounds View to create economic development districts subject to certain special rules and limits; repealing the three year activity rule, certain developer repayment requirements and the duration limit for the Lake street project redevelopment district in the city of Minneapolis

ARTICLE 3 - INTERNATIONAL ECONOMIC DEVELOPMENT ZONE

Providing for designation of foreign trade zones as international economic
development zones by certain foreign trade zone authorities under certain
conditions, specifying certain application requirements, certain size restrictions and certain consideration requirements for designation; specifying certain powers of the authorities, requiring and providing for creation of regional distribution center development plans and preparation of a business plan and authorizing the establishment of port authorities; requiring a transportation impact study before final site designation to evaluate the effects of the proposed use on the transportation system; specifying a deadline for final zone designation; providing certain property, income, franchise, and sales and use tax exemptions for businesses located and individuals operating or investing in a trade or business in the zones; creating a jobs credit for qualified businesses and appropriating money to the commissioner of revenue for the credit; requiring and providing for repayment of certain tax incentives upon ceasing operation in the zones, authorizing commissioner waiver of the repayment requirements under certain conditions; requiring authority annual reports to the commissioner of employment and economic development (DEED) on progress in meeting zone performance goals under business plans and compliance with the business subsidy law
(mk)