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HF 609

as introduced - 89th Legislature (2015 - 2016) Posted on 02/05/2015 01:52pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Engrossments
Introduction Posted on 02/05/2015

Current Version - as introduced

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A bill for an act
 relating to the city of St. Paul; providing special tax increment financing authority.

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

Section 1. new text begin CITY OF ST. PAUL; TIF AUTHORITY.
new text end

new text begin Subdivision 1. new text end

new text begin Establishment. new text end

new text begin Under the special rules in subdivision 2, the
housing and redevelopment authority of the city of St. Paul may establish one or
more redevelopment tax increment financing districts located wholly within the area
of the former Ford Motor Company plant properties, consisting of two tax parcels,
17-28-23-31-0001 and 17-28-23-13-0002, and adjacent roads and rights-of-way.
 new text end

new text begin Subd. 2. new text end

new text begin Special rules. new text end

new text begin (a) If the authority establishes any tax increment district
under this section, the following special rules apply:
 new text end

new text begin (1) the districts are deemed to meet all the requirements of Minnesota Statutes,
section 469.174, subdivision 10; and
 new text end

new text begin (2) any expenditure for, or payment of bonds issued to finance, activities within
the area described in subdivision 1 is deemed to be an expenditure in the district under
Minnesota Statutes, section 469.1763, for any district established under this section.
 new text end

new text begin (b) Except as otherwise provided in paragraph (a), the provisions of Minnesota
Statutes, sections 469.174 to 469.1794, apply to districts established under this section.
 new text end

new text begin Subd. 3. new text end

new text begin Expiration. new text end

new text begin The authority to request certification of districts under this
section expires June 30, 2020, unless the city has requested certification of at least one
district by that date. The authority to request certification of any district under this section
expires June 30, 2030.
 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 St. Paul and compliance with the requirements of Minnesota Statutes,
section 645.021.
 new text end