HF 1557

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of Inver Grove Heights; 
  1.3             authorizing local contribution for designated parcels 
  1.4             in a tax increment financing district. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [CITY OF INVER GROVE HEIGHTS; LOCAL 
  1.7   CONTRIBUTION ELECTION.] 
  1.8      Notwithstanding the provisions of Minnesota Statutes, 
  1.9   section 273.1399, or any other law, the city of Inver Grove 
  1.10  Heights, by resolution approved by its city council, may at any 
  1.11  time elect to make a qualifying local contribution in accordance 
  1.12  with Minnesota Statutes, section 273.1399, subdivision 6, 
  1.13  paragraph (d), with respect to designated parcels within tax 
  1.14  increment financing district No. 4-1 of the city.  The election 
  1.15  must be filed in the offices of the county auditor and the 
  1.16  commissioner of revenue.  If the city elects to make a 
  1.17  qualifying local contribution under this section, (i) the 
  1.18  required qualifying contribution under section 273.1399, 
  1.19  subdivision 6, paragraph (d), must be determined by reference to 
  1.20  the tax increment derived from the designated parcels in the 
  1.21  district from and after the date of the election; and (ii) the 
  1.22  qualifying captured net tax capacity of the district for 
  1.23  purposes of section 273.1399 must exclude the captured net tax 
  1.24  capacity attributable to the designated parcels.  Once an 
  1.25  election is made under this section it must not be revoked. 
  2.1      [EFFECTIVE DATE.] This section is effective the day after 
  2.2   approval by the governing body of the city of Inver Grove 
  2.3   Heights and compliance with Minnesota Statutes, section 645.021, 
  2.4   subdivision 3.