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HF 176

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Rtf

Bill Text Versions

Engrossments
Introduction Posted on 01/12/2005

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.23 1.24 1.25 2.1 2.2
2.3 2.4 2.5 2.6

A bill for an act
 relating to tax increment financing; authorizing the
extension of a redevelopment district in the city of
Wabasha.

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

Section 1. new text begin WABASHA TAX INCREMENT FINANCING DISTRICT.
new text end

new text begin Subdivision 1. new text end

new text begin District extension. new text end

new text begin The governing body of
the city of Wabasha may elect to extend the duration of its
redevelopment tax increment financing district number 3 by up to
five additional years.
 new text end

new text begin Subd. 2. new text end

new text begin Five-year rule. new text end

new text begin The requirements of Minnesota
Statutes, section 469.1763, subdivision 3, that activities must
be undertaken within a five-year period from the date of
certification of a tax increment financing district must be
considered to be met for the city of Wabasha redevelopment tax
increment district number 3, if the activities are undertaken
within ten years from the date of certification of the district.
 new text end

new text begin Subd. 3.new text end

new text begin National eagle center.new text end

new text begin Notwithstanding the
provisions of Minnesota Statutes, section 469.176, subdivision
4l, or any other law, the city of Wabasha may spend the proceeds
of tax increment bonds issued prior to January 1, 2000, to pay
the costs of acquiring and constructing a National Eagle Center
in the city. The city of Wabasha may also use tax increment
from its tax increment districts to pay the debt service on such
bonds, or any bonds issued to refund such bonds, subject to
legal restrictions on the pooling of tax increment.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin Subdivision 1 is effective upon
compliance with Minnesota Statutes, sections 469.1782,
subdivision 2, and 645.021. Subdivisions 2 and 3 are effective
upon compliance by the governing body of the city of Wabasha
with Minnesota Statutes, section 645.021.
 new text end