HF 1480

as introduced - 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 Buffalo; authorizing the 
  1.3             extension of the duration of a tax increment financing 
  1.4             district; providing for use of the tax increments. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [CITY OF BUFFALO; EXTENSION OF TAX INCREMENT 
  1.7   DISTRICT.] 
  1.8      Notwithstanding the provisions of Minnesota Statutes, 
  1.9   section 469.176, subdivision 1c, the duration of the city of 
  1.10  Buffalo tax increment financing district number 2 may be 
  1.11  extended by resolution of the Buffalo city council.  Revenue 
  1.12  from the tax increments received after April 1, 2001, may be 
  1.13  used only to pay the city's share of the cost of a bridge to be 
  1.14  constructed over marked trunk highway No. 55 and for payment of 
  1.15  obligations as permitted under Minnesota Statutes, section 
  1.16  469.176, subdivision 1c.  No additional tax increments shall be 
  1.17  paid to the authority from district number 2 after those costs 
  1.18  have been paid. 
  1.19     The provisions of Minnesota Statutes, sections 469.1782, 
  1.20  subdivision 1, and 273.1399, subdivision 8, do not apply to the 
  1.21  extension of the duration of the district under this section. 
  1.22     Sec. 2.  [EFFECTIVE DATE.] 
  1.23     Section 1 is effective the day after compliance with 
  1.24  Minnesota Statutes, sections 469.1782, subdivision 2, and 
  1.25  645.021, subdivision 2.