HF 1624

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to taxation; tax increment financing;
allowing a tax increment financing district in the
city of Preston to capture the state general tax.

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

Section 1. new text begin TAX INCREMENT FINANCING; CITY OF PRESTON.
new text end

new text begin Increments for tax increment financing district 1 in the
city of Preston include the tax paid by parcels located in the
district under the state general tax, Minnesota Statutes,
section 275.025, if the following conditions are satisfied:
new text end

new text begin (1) the city agrees to extend the payment obligations under
the note for the district through the maximum duration for the
district under Minnesota Statutes, section 469.176, subdivision
1b; and
new text end

new text begin (2) all of the holders of the note agree to extend the
note's maturity and payment obligation at the same interest rate
that applies under the existing note in return for receiving
reimbursement from increments from the state general tax.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for the first
taxes payable year that begins after compliance by the governing
body of the city of Preston with the requirements of Minnesota
Statutes, section 645.021.
new text end