HF 180

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

  1.1                          A bill for an act 
  1.2             relating to tax increment financing; authorizing 
  1.3             certain uses of tax increment revenues from an 
  1.4             economic development district in the city of Medford. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [CITY OF MEDFORD; ECONOMIC DEVELOPMENT 
  1.7   DISTRICT.] 
  1.8      Notwithstanding any other law to the contrary, the city of 
  1.9   Medford may use revenues derived from tax increment from an 
  1.10  economic development district located within the city to provide 
  1.11  assistance to one or more separately owned commercial 
  1.12  facilities, each consisting of 30,000 square feet or less.  
  1.13  Except as otherwise provided in this section, the revenues 
  1.14  derived from increments must be spent as required under 
  1.15  Minnesota Statutes, section 469.176, subdivision 4c. 
  1.16     [EFFECTIVE DATE.] This section is effective upon approval 
  1.17  by the governing body of the city of Medford and compliance with 
  1.18  the requirements of Minnesota Statutes, section 645.021, 
  1.19  subdivision 3, and applies to requests for certification of tax 
  1.20  increment financing districts or additions of new area to tax 
  1.21  increment financing districts after the day of final enactment.