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HF 1167

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 02/16/2007

Current Version - as introduced

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A bill for an act
relating to taxation; authorizing the city of North St. Paul to transfer increments
between tax increment financing districts; extending the time period by which
revenues must be expended on an activity within the district.

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

Section 1. new text beginNORTH ST. PAUL; TRANSFER OF TAX INCREMENTS.
new text end

new text begin (a) Notwithstanding any limitations under Minnesota Statutes, section 469.1763,
subdivision 2, the city of North St. Paul may expend available increments from Tax
Increment Financing Districts Nos. 3-1, 4-1, 4-2, 4-3, and 4-4 for eligible activities
among the districts and for any district outside of those districts but within the defined
redevelopment project area.
new text end

new text begin (b) For the purposes of Minnesota Statutes, section 469.1763, subdivision 3,
expenditures within Tax Increment Financing Districts Nos. 3-1, 4-1, 4-2, 4-3, and 4-4 are
considered to have been expended on an activity within the districts if a qualifying action
occurs within ten years after certification of the respective district.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon local approval by the governing
body of the city of North St. Paul and compliance with Minnesota Statutes, section
645.021, subdivision 3.
new text end