HF 342

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

A bill for an act
relating to taxation; removing a duration limitation
on a redevelopment tax increment financing district in
the city of Minneapolis; amending Laws 1998, chapter
389, article 11, section 19, subdivision 3.

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

Section 1.

Laws 1998, chapter 389, article 11, section 19,
subdivision 3, is amended to read:

Subd. 3.

Duration of district.

Notwithstanding the
provisions of Minnesota Statutes, section 469.176, subdivision
1b, no tax increment may be paid to the authority new text begin or the city
new text end after deleted text begin 18 years from the date of receipt by the authority of the
first increment generated from the final phase of
redevelopment. In no case may increments be paid to the
authority after deleted text end 30 years from approval of the tax increment
plan. deleted text begin "Final phase of redevelopment" means that phase of
redevelopment activity which completes the rehabilitation of the
Lake Street site.
deleted text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon compliance
with Minnesota Statutes, sections 469.1782, subdivision 2, and
645.021, subdivision 2.
new text end