HF 1330

1st Engrossment - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of Coon Rapids; providing for the 
  1.3             extension of the duration of certain tax increment 
  1.4             financing districts of the Coon Rapids economic 
  1.5             development authority. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [ECONOMIC DEVELOPMENT.] 
  1.8      Subdivision 1.  [AUTHORIZATION.] Notwithstanding the 
  1.9   provisions of Minnesota Statutes, section 469.176, subdivision 
  1.10  1b, upon approval of the governing body of the city of Coon 
  1.11  Rapids by resolution, the duration of the tax increment 
  1.12  financing districts of the Coon Rapids economic development 
  1.13  authority designated 2-1, 2-2, and 2-3 may be extended to 
  1.14  December 31, 2010. 
  1.15     Subd. 2.  [SPECIAL RULES.] (a) The tax increment financing 
  1.16  districts of the Coon Rapids economic development authority 
  1.17  designated 2-1, 2-2, and 2-3 are subject to Minnesota Statutes, 
  1.18  sections 469.174 to 469.178, except as provided in this 
  1.19  subdivision. 
  1.20     (b) Tax increment revenues derived from the districts may 
  1.21  only be applied to the payment of project costs described in the 
  1.22  tax increment plans for the tax increment financing districts on 
  1.23  the date of final enactment of this section and to the payment 
  1.24  of the costs incurred with respect to the reconstruction and 
  1.25  upgrading of the existing state and county bridges and roadways 
  2.1   within the project area of the districts. 
  2.2      (c) Notwithstanding Minnesota Statutes, section 469.176, 
  2.3   subdivision 1, tax increment revenue generated from each 
  2.4   district may be paid to the authority until the earlier of (1) 
  2.5   December 31, 2010; or (2) the date upon which all bonded 
  2.6   indebtedness or contractual obligations of the authority 
  2.7   relating to the districts have terminated. 
  2.8      Sec. 2.  [EFFECTIVE DATE.] 
  2.9      Section 1 is effective upon compliance by the governing 
  2.10  bodies of the city of Coon Rapids, the county of Anoka, and 
  2.11  independent school district No. 11, Anoka-Hennepin, with 
  2.12  Minnesota Statutes, section 645.021, subdivision 2.