HF 2078

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:58am

A bill for an act
relating to public finance; authorizing the cities of Chisago City and Lindstrom
to establish a joint venture, issue debt for use outside of the jurisdiction, and
share revenues.

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

Section 1. new text begin CHISAGO CITY AND LINDSTROM JOINT VENTURE.
new text end

new text begin Any two or more of the cities of Chisago City and Lindstrom, their economic
development authorities, housing and redevelopment authorities, and the county of
Chisago may enter into a joint powers agreement to acquire and develop or redevelop a
business park in the city of Chisago City. Any party to the agreement may spend money
or issue debt for all or a part of the project, regardless of whether the project is located
within its corporate boundaries. Issuance of debt under this section is subject to Minnesota
Statutes, chapter 475, except that an election is not required. The agreement may provide
for the parties to share revenues from the project. Any party to the agreement may levy
taxes or spend its funds, as otherwise permitted by law, to pay for the project, including
debt issued to finance the project.
new text end

new text begin If the project is included in a tax increment financing district, each city and authority
that is a party to the agreement may treat the tax increment financing district as being
located within its corporate boundaries for purposes of the authority under the tax
increment financing act, Minnesota Statutes, sections 469.174 to 469.1799, to spend
increments or issue bonds for the project.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end