HF 1315

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to tax increment financing; authorizing the 
  1.3             city of North St. Paul to extend the duration limit of 
  1.4             a tax increment financing district. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [NORTH ST. PAUL; TAX INCREMENT DISTRICT.] 
  1.7      Notwithstanding Minnesota Statutes, section 469.176, 
  1.8   subdivision 4c, the city of North St. Paul may elect to extend 
  1.9   the duration of tax increment financing district No. 2-2.  The 
  1.10  city may extend the duration of the district No. 2-2 until the 
  1.11  earlier of:  (1) December 31, 2010; or (2) the date when it has 
  1.12  collected total increments from the district equal to the city's 
  1.13  cleanup and related expenditures for the district, less any 
  1.14  reimbursement from private parties for these costs. 
  1.15     Sec. 2.  [EFFECTIVE DATE.] 
  1.16     Section 1 is effective the day following compliance by the 
  1.17  governing body of the city of North St. Paul with Minnesota 
  1.18  Statutes, section 645.021, subdivision 3.