Minnesota Legislature
HF 1970
as introduced - 92nd Legislature (2021 - 2022) Posted on 03/08/2021 02:21pm
Current Version - as introduced
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A bill for an act
relating to taxation; tax increment financing; authorizing tax increment financing
districts in the city of Bloomington.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1. new text begin CITY OF BLOOMINGTON; TIF AUTHORITY; AMERICAN
BOULEVARD.
new text end
new text begin Subdivision 1. new text end
new text begin Establishment. new text end
new text begin
Pursuant to the special rules established in subdivision
2, the housing and redevelopment authority of the city of Bloomington or the city of
Bloomington may establish a redevelopment district within the city of Bloomington, limited
to the following parcels, identified by tax identification numbers, together with adjacent
roads and rights-of-way: 04-027-24-11-0032, 04-027-24-11-0033, and 04-027-24-11-0034.
new text end
new text begin Subd. 2. new text end
new text begin Special rules. new text end
new text begin
If the city or authority establishes a tax increment financing
district under this section, the following special rules apply:
new text end
new text begin
(1) the district meets all the requirements of Minnesota Statutes, section 469.174,
subdivision 10;
new text end
new text begin
(2) expenditures incurred in connection with the development of the property described
in subdivision 1 meet the requirements of Minnesota Statutes, section 469.176, subdivision
4j; and
new text end
new text begin
(3) increments generated from the district may be expended on undergrounding or
overhead power lines, transformers, and related utility infrastructure within the project area
and all such expenditures are deemed expended on activities within the district for purposes
of Minnesota Statutes, section 469.1763.
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 Bloomington and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021.
new text end
Sec. 2. new text begin CITY OF BLOOMINGTON; TIF AUTHORITY; 98TH & ALDRICH.
new text end
new text begin Subdivision 1. new text end
new text begin Establishment. new text end
new text begin
Pursuant to the special rules established in subdivision
2, the housing and redevelopment authority of the city of Bloomington or the city of
Bloomington may establish a redevelopment district within the city of Bloomington, limited
to the following parcels, identified by tax identification numbers, together with adjacent
roads and rights-of-way: 16-027-24-41-0010, 16-027-24-41-0011, and 16-027-24-41-0012.
new text end
new text begin Subd. 2. new text end
new text begin Special rules. new text end
new text begin
If the city or authority establishes a tax increment financing
district under this section, the following special rules apply:
new text end
new text begin
(1) the district meets all the requirements of Minnesota Statutes, section 469.174,
subdivision 10; and
new text end
new text begin
(2) expenditures incurred in connection with the development of the property described
in subdivision 1 meet the requirements of Minnesota Statutes, section 469.176, subdivision
4j.
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 Bloomington and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021, subdivisions 2 and 3.
new text end