as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am
Engrossments | ||
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Introduction | Posted on 02/21/2005 |
A bill for an act
relating to taxation; tax increment financing;
allowing a tax increment financing district in the
city of Chatfield to capture the state general tax.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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Increments for tax increment financing district No. 2-4 in
the city of Chatfield include the tax paid by parcels located in
the district under the state general tax, Minnesota Statutes,
section 275.025, if the following conditions are satisfied:
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(1) the city agrees to extend the payment obligations under
the note for the district through the maximum duration for the
district under Minnesota Statutes, section 469.176, subdivision
1b; and
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(2) all of the holders of the note agree to extend the
note's maturity and payment obligation at the same interest rate
that applies under the existing note in return for receiving
reimbursement from increments from the state general tax.
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This section is effective for the first
taxes payable year that begins after compliance by the governing
body of the city of Chatfield with the requirements of Minnesota
Statutes, section 645.021.
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