Legislative Session number- 84

Bill Name: SF2288

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)