HF 361

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:36am

A bill for an act
relating to taxation; city of St. Louis Park; extending duration and time for
certain activities in a tax increment financing district.

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

Section 1. new text begin CITY OF ST. LOUIS PARK; TAX INCREMENT DISTRICT.
new text end

new text begin Subdivision 1. new text end

new text begin Duration of district. new text end

new text begin Notwithstanding Minnesota Statutes, section
469.176, subdivision 1b, the duration of the Elmwood Village Tax Increment Financing
District is extended to 25 years after receipt by the St. Louis Park Economic Development
Authority of the first increment from the district.
new text end

new text begin Subd. 2. new text end

new text begin Five-year rule. new text end

new text begin The requirement 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 is considered to be met for the Elmwood
Village Tax Increment Financing District if the activities are undertaken within ten years
from the date of certification of the district.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon compliance by the governing
body of the city of St. Louis Park with the requirements of Minnesota Statutes, sections
469.1782, subdivision 2, and 645.021, subdivision 3.
new text end