HF 619

as introduced - 90th Legislature (2017 - 2018) Posted on 01/30/2017 01:16pm

A bill for an act
relating to taxation; tax increment financing; extending the five-year rule for Tax
Increment Financing District No. 1-12.

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

Section 1. new text begin CITY OF COTTAGE GROVE; TAX INCREMENT FINANCING.
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, are considered to be met for Tax Increment Financing District No. 1-12
(Gateway North), administered by the Cottage Grove Economic Development Authority,
if the activities are undertaken prior to December 31, 2017.
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 Cottage Grove with the requirements of Minnesota Statutes, section 645.021,
subdivisions 2 and 3.
new text end