HF 662

1st Engrossment - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of Aurora; providing for the 
  1.3             extension of the duration of a housing and 
  1.4             redevelopment tax increment financing district in the 
  1.5             city.  
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [ECONOMIC DEVELOPMENT; TAX INCREMENT DISTRICT 
  1.8   EXTENSION.] 
  1.9      Subdivision 1.  [DISTRICT EXTENSION.] Notwithstanding the 
  1.10  provisions of Minnesota Statutes, section 469.176, subdivision 
  1.11  1c, upon approval of the governing body of the city of Aurora by 
  1.12  resolution, the housing and redevelopment authority in and for 
  1.13  the city of Aurora may extend to December 31, 2016, the duration 
  1.14  of its downtown tax increment financing district originally 
  1.15  certified in 1978.  
  1.16     Subd. 2.  [SPECIAL RULES.] (a) Increments permitted to be 
  1.17  paid to and retained by the authority by subdivision 1 may only 
  1.18  be used to: 
  1.19     (1) pay or defease bonds or other contractual obligations; 
  1.20     (2) fund public redevelopment costs within the 
  1.21  redevelopment project or costs provided for in the tax increment 
  1.22  financing plan; or 
  1.23     (3) pay or defease bonds issued to refund the bonds.  
  1.24     (b) Minnesota Statutes, section 469.1782, subdivision 1, 
  1.25  does not apply to this extension of the duration limit of the 
  2.1   tax increment financing district.  
  2.2      [EFFECTIVE DATE.] This section is effective the day after 
  2.3   compliance with Minnesota Statutes, sections 469.1782, 
  2.4   subdivision 2, and 645.021, subdivision 2.