HF 1666

as introduced - 92nd Legislature (2021 - 2022) Posted on 02/25/2021 03:31pm

A bill for an act
relating to taxation; tax increment financing; authorizing the city of Richfield to
use tax increment for certain housing projects.

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

Section 1. new text begin CITY OF RICHFIELD; USE OF TAX INCREMENT AUTHORIZED.
new text end

new text begin (a) Notwithstanding Minnesota Statutes, section 469.1763, or any law to the contrary,
tax increments from any tax increment financing district in the city of Richfield may be
used to assist affordable housing development that meets the requirements of Minnesota
Statutes, section 469.1761, subdivision 2 or 3.
new text end

new text begin (b) The city of Richfield, or its housing and redevelopment authority, is authorized to
transfer up to 15 percent of tax increments from redevelopment tax increment districts in
the city of Richfield, including amounts previously accumulated, to the Affordable Housing
Trust Fund established by the city of Richfield pursuant to Minnesota Statutes, section
462C.16, for expenditures made in conformity with the city ordinance establishing the trust
fund. Transfers made pursuant to this paragraph are in addition to tax increment expenditures
under Minnesota Statutes, section 469.1763, subdivision 2, paragraph (d).
new text end

new text begin (c) The authority to make transfers of tax increments pursuant to this section expires
December 31, 2030.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day after the governing body of the
city of Richfield and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021, subdivisions 2 and 3.
new text end