HF 2029

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

  1.1                          A bill for an act
  1.2             relating to the city of Plymouth; tax increment 
  1.3             financing; waiving the local contribution requirement 
  1.4             for a district. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [CITY OF PLYMOUTH; TIF.] 
  1.7      Subdivision 1.  [WAIVER OF REQUIREMENT.] The state aid 
  1.8   reduction and local contribution requirements under Minnesota 
  1.9   Statutes, section 273.1399, do not apply to tax increment 
  1.10  financing district 7-5A in the city of Plymouth.  The city is 
  1.11  not required to make any local contribution election or payment 
  1.12  with respect to the district or any subdistrict created within 
  1.13  the district. 
  1.14     Subd. 2.  [PLAN AMENDMENT NOT REQUIRED.] Any project costs 
  1.15  set forth in the tax increment financing plan for the district 
  1.16  that was adopted before enactment of this section that the city 
  1.17  elected to pay from local contributions may be paid or 
  1.18  reimbursed to the city from available increment for district 
  1.19  7-5A.  The city is not required to adopt a modification to the 
  1.20  tax increment financing plan under Minnesota Statutes, section 
  1.21  469.175, subdivision 4, to authorize the expenditure of 
  1.22  additional tax increment for such a purpose. 
  1.23     Subd. 3.  [EFFECTIVE DATE.] This section is effective upon 
  1.24  compliance by the governing body of the city of Plymouth with 
  1.25  Minnesota Statutes, section 645.021.