HF 1971

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:56am

A bill for an act
relating to taxation; tax increment financing; allowing the city of Anoka to
establish districts under special rules.

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

Section 1. new text begin CITY OF ANOKA; REDEVELOPMENT TAX INCREMENT
FINANCING DISTRICTS.
new text end

new text begin Subdivision 1. new text end

new text begin Authorization. new text end

new text begin The city of Anoka may establish within its corporate
boundaries one or more tax increment financing districts subject to the special rules under
subdivision 3. The districts must be located within a geographic area bounded by the
following and including adjacent public rights-of-way: to the North by Garfield Street
extended from Ferry Street to Seventh Avenue; to the East by Seventh Avenue (Garfield
Street to U.S. Highway No. 10); to the South by U.S. Highway No. 10 (Seventh Avenue
to Ferry Street); and to the West by Ferry Street (U.S. Highway No. 10 to Garfield Street
extended).
new text end

new text begin Subd. 2. new text end

new text begin District is a redevelopment district. new text end

new text begin Any tax increment financing district
created by the city under subdivision 1 is deemed to be a redevelopment district without
regard to Minnesota Statutes, section 469.174, subdivision 10. With respect to the findings
required under Minnesota Statutes, section 469.175, subdivision 3, paragraph (b), clauses
(2) and (4), the findings must relate to the overall geographic area described in subdivision
1, and not to the geographic area of or development or redevelopment activities in the
individual tax increment districts being created.
new text end

new text begin Subd. 3. new text end

new text begin Special rules. new text end

new text begin If the city elects to create one or more tax increment
financing districts under subdivision 1, the following rules apply to the districts:
new text end

new text begin (1) the five-year rule under Minnesota Statutes, section 469.1763, subdivision 3,
does not apply;
new text end

new text begin (2) expenditures for activities, as defined in Minnesota Statutes, section 469.1763,
subdivision 1, paragraph (b), anywhere in the area described in subdivision 1 in which tax
increment financing districts may be created are deemed to be for the cost of correcting
conditions that allow designation of redevelopment districts under Minnesota Statutes,
section 469.174, subdivision 10;
new text end

new text begin (3) the limitations on spending increments outside of a district under Minnesota
Statutes, section 469.1763, subdivision 2, do not apply to the expenditures outside of the
districts created under this section but within the area described in subdivision 1 for the
costs of land acquisition, parking, pedestrian and vehicular transit improvements, and any
other public improvements that are related to a proposed rail transit station in the city or to
expenditures for the purposes of assisting in the redevelopment of real property; and
new text end

new text begin (4) tax increment derived from tax increment districts created under this section may
be spent to pay the principal amount of or interest on bonds or other obligations issued to
finance expenditures allowed under this section even if the activities and expenditures
occurred before creation of the tax increment district.
new text end

new text begin Subd. 4. new text end

new text begin Expiration. new text end

new text begin The authority to approve a tax increment financing plan to
establish a tax increment financing district under this section expires on December 31 of
the year that is ten years after the city receives the first tax increment from a tax increment
financing district created under this section.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon approval by the governing body
of the city of Anoka and compliance with Minnesota Statutes, section 645.021.
new text end