HF 1504

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

  1.1                          A bill for an act 
  1.2             relating to the city of Northfield; extending the 
  1.3             duration of certain tax increment financing districts. 
  1.4   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.5      Section 1.  [CITY OF NORTHFIELD; TAX INCREMENT DISTRICT.] 
  1.6      Subdivision 1.  [EXEMPTIONS FROM GENERAL 
  1.7   LAW.] Notwithstanding Minnesota Statutes, section 469.176, 
  1.8   subdivision 1b, the duration of the tax increment districts 
  1.9   within development district No. 2 and development district No. 3 
  1.10  are extended through December 31, 1999.  Notwithstanding any 
  1.11  limitation in law on use of increments, all additional tax 
  1.12  increment generated by the extensions may be used by the 
  1.13  Northfield city council to defray, whether directly or through 
  1.14  the issuance of bonds or other obligations, the reasonable costs 
  1.15  associated with making or financing building renovations and 
  1.16  restorations, public improvements, or other property development 
  1.17  and redevelopment activities for the benefit of the city's 
  1.18  central business district. 
  1.19     Subd. 2.  [LOCAL APPROVAL.] This section is effective the 
  1.20  day following final enactment, upon compliance by the city of 
  1.21  Northfield with Minnesota Statutes, section 634.021, subdivision 
  1.22  3.