SF 2601

Introduction - 85th Legislature (2007 - 2008)

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

A bill for an act
relating to the city of Wells; providing for disposition of certain tax increment
revenues after decertification of a district.

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

Section 1. new text begin CITY OF WELLS; DISPOSITION OF TIF REVENUES.
new text end

new text begin Notwithstanding the provisions of Minnesota Statutes, section 469.174, subdivision
25, the following are deemed not to be "increments," "tax increments," or "revenues
derived from tax increment" for purposes of the redevelopment district in the city of
Wells, identified as Downtown Development Program 1, for amounts received after
decertification of the district:
new text end

new text begin (1) rents paid by private tenants for use of a building acquired in whole or in part
with tax increments; and
new text end

new text begin (2) proceeds from the sale of the building.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon compliance by the governing
body of the city of Wells with the requirements of Minnesota Statutes, section 645.021.
new text end