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HF 1193

as introduced - 91st Legislature (2019 - 2020) Posted on 02/14/2019 03:18pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Engrossments
Introduction Posted on 02/14/2019

Current Version - as introduced

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A bill for an act
 relating to city of Edina; modifying the special TIF authority for Southeast Edina
Redevelopment Project Area; amending Laws 2014, chapter 308, article 6, section
8, subdivisions 1, as amended, 3.

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

Section 1.

Laws 2014, chapter 308, article 6, section 8, subdivision 1, as amended by Laws
2017, First Special Session chapter 1, article 6, section 11, is amended to read:


Subdivision 1.

Authority to create districts.

(a) The governing body of the city of
Edina or its development authority may establish one or more tax increment financing
housing districts in the Southeast Edina Redevelopment Project Area, as the boundaries
exist on March 31, 2014.

(b) The authority to request certification of districts under this section expires on
December 31, deleted text begin 2019deleted text end new text begin 2021new text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective without local approval under Minnesota
Statutes, section 645.023, subdivision 1, paragraph (b).
 new text end

Sec. 2.

Laws 2014, chapter 308, article 6, section 8, subdivision 3, is amended to read:


Subd. 3.

Pooling authority.

The city may elect to treat expenditures of increment from
the Southdale 2 district for a housing project of a district established under this section as
expenditures qualifying under Minnesota Statutes, section 469.1763, subdivision 2, paragraph
deleted text begin (d): (1) without regard to whether the housing meets the requirement of a qualified building
under section 42 of the Internal Revenue Code; and (2) may increase by an additional 25
percentage points the permitted amount of expenditures for activities located outside the
geographic area of the district permitted under that sectiondeleted text end new text begin (b)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 Edina and its compliance with the requirements of Minnesota Statutes,
section 645.021, subdivision 3.
 new text end