HF 669

as introduced - 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 St. Louis Park; authorizing 
  1.3             local contribution for certain tax increment financing 
  1.4             districts.  
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [ST. LOUIS PARK; TAX INCREMENT FINANCING 
  1.7   DISTRICTS LOCAL CONTRIBUTIONS.] 
  1.8      Subdivision 1.  [LOCAL CONTRIBUTIONS AUTHORIZED.] 
  1.9   Notwithstanding the provisions of Laws 1995, chapter 264, 
  1.10  article 5, section 36; Laws 1996, chapter 464, article 1, 
  1.11  section 11; and Minnesota Statutes, section 469.1782, 
  1.12  subdivision 1, the city of St. Louis Park may elect to make 
  1.13  local contributions with respect to the Excelsior Boulevard 
  1.14  redevelopment project and the Oak Park Village tax increment 
  1.15  financing districts under Minnesota Statutes, section 273.1399, 
  1.16  subdivision 6, paragraph (d), clause (1), item (B), in lieu of 
  1.17  the state aid reductions, if the following conditions are 
  1.18  satisfied: 
  1.19     (1) the city makes an irrevocable election to make local 
  1.20  contributions with respect to the identified districts by August 
  1.21  1, 2001; and 
  1.22     (2) the city notifies the commissioner of revenue of the 
  1.23  election by September 1, 2001.  
  1.24     Subd. 2.  [QUALIFYING CONTRIBUTIONS.] If the city makes the 
  1.25  election described in subdivision 1, contributions made by the 
  2.1   city or its economic development authority at any time after 
  2.2   January 1, 2001, and that otherwise qualify as local 
  2.3   contributions under Minnesota Statutes, section 273.1399, 
  2.4   subdivision 6, paragraph (d), qualify as local contributions for 
  2.5   the purposes of this section.  
  2.6      [EFFECTIVE DATE.] This section is effective upon local 
  2.7   approval in compliance with the requirements of Minnesota 
  2.8   Statutes, section 645.021.