as introduced - 91st Legislature (2019 - 2020) Posted on 01/17/2019 02:47pm
A bill for an act
relating to taxation; tax increment financing; modifying tax increment financing
authority for the city of Champlin.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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The governing body of the city of
Champlin may expand the boundaries of Mississippi Crossings tax increment financing
district to include the real property identified as parcel numbers 19-120-21-31-0001,
19-120-21-31-0002, 19-120-21-31-0003, 19-120-21-31-0004, 19-120-21-31-0020,
19-120-21-31-0021, 19-120-21-31-0026, 19-120-21-31-0027, 19-120-21-31-0064,
19-120-21-31-0065, 19-120-21-31-0076, 19-120-21-31-0079, 19-120-21-31-0080,
19-120-21-31-0081, 19-120-21-42-0001, and adjacent roads and rights-of-way, in the city
of Champlin, Hennepin County, Minnesota, and such property is deemed to meet the
requirements of Minnesota Statutes, sections 469.174, subdivision 10, and 469.175,
subdivision 4.
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Expenditures incurred in connection with the
development of the property described in subdivision 1 of this section are deemed to meet
the requirements of Minnesota Statutes, section 469.176, subdivision 4. Expenditures for
the cost of land located within the Mississippi Crossings tax increment financing district
acquired by the city of Champlin or its economic development authority are eligible
expenditures of the revenues of the district notwithstanding Minnesota Statutes, section
469.178, subdivision 7, or any other law to the contrary.
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The five-year rule under Minnesota Statutes, section 469.1763,
subdivision 3, is extended to a ten-year period for the Mississippi Crossings tax increment
financing district.
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The term of the Mississippi Crossings tax increment district
is extended an additional five years.
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Minnesota Statutes, section 469.1763, subdivision
4, does not apply to the Mississippi Crossings tax increment financing district.
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This section is effective upon compliance with Minnesota Statutes,
section 645.021, subdivisions 2 and 3.
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