HF 1916

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to Itasca county; providing for tax increment 
  1.3             financing district and development powers for power 
  1.4             plant related to taconite mine direct reduction plant 
  1.5             and steel mill. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [AUTHORIZATION.] 
  1.8      The governing body of the county of Itasca may create an 
  1.9   economic development tax increment financing district, as 
  1.10  provided in this act, on one or more parcels to contain an 
  1.11  electric power plant and which are adjacent to a taconite mine 
  1.12  direct reduction plant and steel mill.  Except as otherwise 
  1.13  provided in this act, the provisions of Minnesota Statutes, 
  1.14  sections 469.174 to 469.179, apply to the district. 
  1.15     Sec. 2.  [SPECIAL RULES.] 
  1.16     (a) The duration of the district established under section 
  1.17  1 is 25 years from the receipt of the first increment, 
  1.18  notwithstanding Minnesota Statutes, section 469.176, subdivision 
  1.19  1b.  
  1.20     (b) Notwithstanding Minnesota Statutes, section 469.1763, 
  1.21  tax increment from the district established under section 1 may 
  1.22  be expended on improvements and activities in aid of the 
  1.23  electric power plant and the direct reduction plant and steel 
  1.24  mill and related administrative expenses, but may not otherwise 
  1.25  be expended outside the district. 
  2.1      (c) Minnesota Statutes, section 469.1782, does not apply to 
  2.2   this act or the district established under section 1.  
  2.3      (d) Minnesota Statutes, section 273.1399, does not apply to 
  2.4   the district.  
  2.5      (e) The captured net tax capacity of the district 
  2.6   established under section 1 includes any property taxed as 
  2.7   personal property having a situs in the district. 
  2.8      Sec. 3.  [DEVELOPMENT POWERS.] 
  2.9      The county may exercise all of the powers of a housing and 
  2.10  redevelopment authority under Minnesota Statutes, sections 
  2.11  469.001 to 469.047, and the powers of an economic development 
  2.12  authority under Minnesota Statutes, sections 469.090 to 469.108, 
  2.13  in connection with the development of the project described in 
  2.14  section 1. 
  2.15     Sec. 4.  [EFFECTIVE DATE.] 
  2.16     This act is effective the day after the Itasca county 
  2.17  board's approval is filed as provided in Minnesota Statutes, 
  2.18  section 645.021, subdivision 3.