1.1 	A bill for an act
1.2 	relating to economic development abatement; granting
1.3 	special abatement authority for a property in a tax
1.4 	increment financing district in the city of Fairmont.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. FAIRMONT; ABATEMENT AUTHORITY.
 1.7 	The city of Fairmont, Martin County, and Independent School
1.8 	District No. 2752, Fairmont Area Schools, may each grant an
1.9 	abatement under Minnesota Statutes, sections 469.1812 to
1.10 	469.1815, for property located in tax increment financing
1.11 	district No. 20 in the city of Fairmont, notwithstanding any law
1.12 	to the contrary.  The total amount of the abatement for each
1.13 	political subdivision may not exceed the taxes paid by the
1.14 	original tax capacity of the district for each year of its
1.15 	existence.  Notwithstanding Minnesota Statutes, section 471.87,
1.16 	or any other law governing conflicts of interest, a local
1.17 	elected official may have a financial interest in and benefit
1.18 	from the tax abatement authorized in this section if the
1.19 	official discloses the interest and potential benefit on the
1.20 	record, and abstains from voting on the matter.

1.21 	EFFECTIVE DATE. This section is effective the day
1.22 	following final enactment.