HF 219

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:34am

A bill for an act
relating to the city of Mankato; changing certain requirements relating to a tax
increment financing district.

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

Section 1. new text begin CITY OF MANKATO; TAX INCREMENT FINANCING DISTRICT;
PROJECT REQUIREMENTS.
new text end

new text begin Subdivision 1. new text end

new text begin Expenditures outside district. new text end

new text begin Notwithstanding Minnesota Statutes,
section 469.1763, subdivision 2, or any other law to the contrary, the city of Mankato may
expend increments generated from its South Riverfront tax increment financing district
anywhere within the South Riverfront Redevelopment project area. In this section, the
"South Riverfront Redevelopment project area" and the "South Riverfront tax increment
financing district" mean the area and district as they may be modified from time to time.
new text end

new text begin Subd. 2. new text end

new text begin Five-year rule. new text end

new text begin Minnesota Statutes, section 469.1763, subdivision 3, does
not apply to the South Riverfront tax increment financing district.
new text end

new text begin Subd. 3. new text end

new text begin Use of increments. new text end

new text begin Tax increments derived from the South Riverfront
tax increment financing district may be used to reimburse or otherwise pay the city of
Mankato for allowable expenditures under the plan budget for the South Riverfront tax
increment district.
new text end

new text begin Subd. 4. new text end

new text begin Interfund loans. new text end

new text begin The requirement for resolutions under Minnesota
Statutes, section 469.178, subdivision 7, does not apply to the South Riverfront tax
increment financing district.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon approval by the governing
body of the city of Mankato and upon compliance by the city with Minnesota Statutes,
section 645.021, subdivision 3.
new text end