HF 1468

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:51am

A bill for an act
relating to taxation; city of Arden Hills; authorizing creation of a tax increment
financing district.

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

Section 1. new text begin ESTABLISHMENT.
new text end

new text begin The city of Arden Hills may establish within the corporate boundaries of the city a
redevelopment tax increment financing district subject to the special rules under section 2.
The district must be located within the area described in the TCAAP Boundary Survey
dated December 12, 2007, by W. Brown Land Surveying, Inc.
new text end

Sec. 2. new text begin SPECIAL RULES.
new text end

new text begin (a) If the city elects to adopt the tax increment financing plan in section 1 for the
district, the following rules shall apply to the district:
new text end

new text begin (1) the district is deemed to meet all the requirements of Minnesota Statutes, section
469.174, subdivision 10;
new text end

new text begin (2) the five-year rule under Minnesota Statutes, section 469.1763, subdivision 3, is
extended to a ten-year period; and
new text end

new text begin (3) the duration limit under Minnesota Statutes, section 469.176, subdivision 1b,
paragraph (a), clause (4), is extended to 30 years after receipt of the first increment.
new text end

new text begin (b) Notwithstanding Minnesota Statutes, section 469.175, subdivision 1, paragraph
(b), the city may designate the first year in which it elects to receive an increment, up to six
years following the year of approval of the district. The city must make the designation
by written notice to the county auditor delivered by June 30 of the year prior to the
designated year of first receipt.
new text end

Sec. 3. new text begin EXPIRATION.
new text end

new text begin The authority to approve a tax increment financing plan to establish a tax increment
financing district under sections 1 and 2 expires December 31, 2019.
new text end

Sec. 4. new text begin EFFECTIVE DATE.
new text end

new text begin Sections 1 to 3 are effective upon approval by the governing body of the city of
Arden Hills and upon compliance by the city with Minnesota Statutes, sections 469.1782,
subdivision 2, and 645.021, subdivision 3.
new text end