HF 1090

as introduced - 92nd Legislature (2021 - 2022) Posted on 02/15/2021 02:31pm

A bill for an act
relating to taxation; tax increment financing; authorizing the city of St. Louis Park
to use tax increment for certain housing projects.

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

Section 1. new text begin CITY OF ST. LOUIS PARK; USE OF INCREMENT AUTHORIZED.
new text end

new text begin (a) Notwithstanding Minnesota Statutes, section 469.1763, subdivision 2, paragraph (d),
or any law to the contrary, tax increment from any district for which the economic
development authority of St. Louis Park has elected to increase the permitted amount of
expenditures for activities located outside the district's area, as allowed by Minnesota
Statutes, section 469.1763, subdivision 2, paragraph (d), clause (1), must be used exclusively
to assist housing development that meets either the requirements of Minnesota Statutes,
section 469.1761, subdivision 2, or Minnesota Statutes, section 469.1763, subdivision 2,
paragraph (d), clauses (1) to (3).
new text end

new text begin (b) The economic development authority of St. Louis Park is authorized to make
permanent transfers of tax increments accumulated for housing development pursuant to
either Minnesota Statutes, section 469.1763, subdivision 2, paragraph (b) or (d), from the
tax increment accounts to the Affordable Housing Trust Fund established by the city of St.
Louis Park pursuant to Minnesota Statutes, section 462C.16, for expenditures made in
conformity with the city ordinance and policy establishing such trust fund.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day after the governing body of the
city of St. Louis Park and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021, subdivisions 2 and 3.
new text end