HF 215

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:34am

A bill for an act
relating to the city of North Mankato; changing certain requirements relating to
tax increment financing district.

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

Section 1. new text begin CITY OF NORTH MANKATO; TAX INCREMENT FINANCING
DISTRICT; PROJECT REQUIREMENTS.
new text end

new text begin Subdivision 1. new text end

new text begin Addition of parcel to district. new text end

new text begin Notwithstanding Minnesota Statutes,
sections 469.174, subdivision 10, and 469.175, subdivision 4, paragraph (d), or any
other law to the contrary, the governing body of the city of North Mankato may elect to
expand the boundaries of Tax Increment Financing District No. IDD 1-8 to include real
property, described as follows:
new text end

new text begin Lots 3, 4, 5, 6, 7, 8, B, and C and part of vacated Cedar Street, Lots A, 1, and 2
lying northwesterly of a line beginning at a point on the South line of Lot A 74.67 feet
West of the southeast corner of Lot A; thence northeasterly 107.30 feet to a point on
the East line of Lot 2; thence continuing northeasterly 47.47 feet to a point on the East
right-of-way line of vacated Cedar Street; said point being 101.93 feet southerly from the
intersection of the south right-of-way line of Wheeler Avenue and the east right-of-way
line vacated Cedar Street, Lamm's Second Addition, City of North Mankato, Nicollet
County, Minnesota (tax parcel number R 18.614.0040).
new text end

new text begin Subd. 2. new text end

new text begin Five-year rule. new text end

new text begin Minnesota Statutes, section 469.1763, subdivision 3, does
not apply to Tax Increment Financing District No. IDD 1-8, as enlarged.
new text end

new text begin Subd. 3. new text end

new text begin Original tax capacity of district. new text end

new text begin Upon addition of the property described
in subdivision 1 in Tax Increment Financing District No. IDD 1-8, the Nicollet County
auditor shall increase the original tax capacity of Tax Increment Financing District No.
IDD 1-8 by the amount required by Minnesota Statutes, section 469.177.
new text end

new text begin Subd. 4. new text end

new text begin Use of increments. new text end

new text begin Tax increments and other revenues derived from any
portion of Tax Increment Financing District No. IDD 1-8, as enlarged, may be used:
new text end

new text begin (1) to reimburse or otherwise pay the port authority of the city of North Mankato
and the city of North Mankato for allowable expenditures under the plan budget for Tax
Increment Financing District No. IDD 1-8, as amended from time to time; and
new text end

new text begin (2) to pay the principal, premium, and interest on the $990,000 city of North
Mankato taxable general obligation tax increment bonds, series 2001D, issued by the city
of North Mankato for redevelopment costs in Tax Increment Financing District No. IDD
1-8 under the tax increment financing plan for Tax Increment Financing District No. IDD
1-8 as originally adopted January 16, 1990, and amended April 2, 2001.
new text end

new text begin Subd. 5. new text end

new text begin Approval of modification. new text end

new text begin When the governing body of the city elects to
exercise the authority provided in subdivision 1 to modify the district, it must comply with
Minnesota Statutes, section 469.175, subdivision 4, except for paragraph (d).
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 North Mankato and upon compliance by the city with Minnesota Statutes,
section 645.021, subdivision 3.
new text end