HF 661

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of Hopkins; authorizing an 
  1.3             extension of a tax increment financing district. 
  1.4   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.5      Section 1.  [HOPKINS TAX INCREMENT FINANCING DISTRICT.] 
  1.6      Subdivision 1.  [DISTRICT EXTENSION.] (a) The governing 
  1.7   body of the city of Hopkins may elect to extend the duration of 
  1.8   its redevelopment tax increment financing district 2-11 by up to 
  1.9   five additional years. 
  1.10     (b) The amount of additional increment which may be paid to 
  1.11  the district as a result of this subdivision may not exceed: 
  1.12     (1) the increment that would have been collected if the 
  1.13  class rate changes and elimination of the state-determined 
  1.14  general education property tax levy had not been made under Laws 
  1.15  2001, First Special Session chapter 5, and if the provisions of 
  1.16  Minnesota Statutes, section 469.1792, did not apply, for the 
  1.17  term of the district under general law, less 
  1.18     (2) the actual increments collected for the term of the 
  1.19  district under general law. 
  1.20     (c) Notwithstanding any law to the contrary, effective upon 
  1.21  approval of this subdivision, no increments may be spent on 
  1.22  activities located outside of the area of the district, other 
  1.23  than to pay administrative expenses. 
  1.24     Subd. 2.  [FIVE-YEAR RULE.] The requirements of Minnesota 
  2.1   Statutes, section 469.1763, subdivision 3, that activities must 
  2.2   be undertaken within a five-year period from the date of 
  2.3   certification of tax increment financing district must be 
  2.4   considered to be met for the city of Hopkins redevelopment tax 
  2.5   increment district 2-11, if the activities are undertaken within 
  2.6   ten years from the date of certification of the district. 
  2.7      [EFFECTIVE DATE.] Subdivision 1 is effective upon 
  2.8   compliance with the provisions of Minnesota Statutes, sections 
  2.9   469.1782, subdivision 2, and 645.021.  Subdivision 2 is 
  2.10  effective upon compliance by the governing body of the city of 
  2.11  Hopkins with the provisions of Minnesota Statutes, section 
  2.12  645.021.