HF 824

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to tax increment financing; requiring school 
  1.3             board approval of tax increment financing plans and 
  1.4             modifications; amending Minnesota Statutes 1994, 
  1.5             section 469.175, by adding a subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1994, section 469.175, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 2b.  [SCHOOL DISTRICT APPROVAL.] A county auditor 
  1.10  shall not certify the original net tax capacity of a tax 
  1.11  increment financing district until the tax increment financing 
  1.12  plan proposed for that district has been approved by the school 
  1.13  board of each school district in which the tax increment 
  1.14  financing district is located.  A school board must approve or 
  1.15  disapprove the tax increment financing plan within 60 days of 
  1.16  submission by the authority or the plan shall be deemed approved 
  1.17  by that board.  The provisions of this subdivision requiring 
  1.18  school board approval also apply to modifications of the tax 
  1.19  increment financing plans under subdivision 4 or any other law.  
  1.20  Approval of the plan or plan modification by the authority or 
  1.21  municipality is subject to the authority of a school board to 
  1.22  disapprove during the 60-day period. 
  1.23     Sec 2.  [EFFECTIVE DATE.] 
  1.24     Section 1 is effective the day following final enactment.