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