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HF 2089

as introduced - 87th Legislature (2011 - 2012) Posted on 02/08/2012 11:55am

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 02/08/2012

Current Version - as introduced

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A bill for an act
relating to taxation; authorizing the city of Apple Valley to create a tax increment
financing district.

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

Section 1. new text beginCITY OF APPLE VALLEY; TAX INCREMENT FINANCING
DISTRICT; SPECIAL RULES.
new text end

new text begin (a) If the city of Apple Valley elects upon the adoption of a tax increment financing
plan for a district, the rules under this section apply to one or more redevelopment
tax increment financing districts established by the city or the economic development
authority of the city. The area within which the redevelopment tax increment districts
may be created includes the following parcels and adjacent right-of-ways and shall be
referred to as the Mining Reclamation Project Area: parcel numbers 01-03500-25-010,
01-03500-03-011, 01-03500-02-010, 01-03600-28-011, 01-03600-25-010,
01-03500-52-011, 01-03500-78-011, 01-03500-77-014, 01-03500-75-010,
01-03400-05-050, 01-55900-00-020, 01-55900-00-010, 01-18250-01-010,
01-03500-01-010, 01-03500-01-020, 01-03500-52-012, 01-03500-78-012.
new text end

new text begin (b) The requirements for qualifying redevelopment tax increment districts under
Minnesota Statutes, section 469.174, subdivision 10, do not apply to the parcels located
within the Mining Reclamation Project Area, which are deemed eligible for inclusion
in a redevelopment tax increment district.
new text end

new text begin (c) The limitations on spending increments outside of the district under Minnesota
Statutes, section 469.1763, subdivision 2, do not apply, but increments may only be
expended on improvements or activities within the area defined in paragraph (a).
new text end

new text begin (d) The five-year rule under Minnesota Statutes, section 469.1763, subdivision 3,
does not apply to the Mining Reclamation Project Area.
new text end

new text begin (e) The authority to approve tax increment financing plans and to establish one or
more tax increment financing districts under this section expires on December 31, 2022.
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 Apple Valley and upon compliance by the city with Minnesota Statutes,
section 645.021, subdivision 3.
new text end