HF 2279

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to tax increment financing; city of St. Paul; 
  1.3             authorizing special income limits for a housing 
  1.4             district. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [ST. PAUL; TAX INCREMENT FINANCING.] 
  1.7      Subdivision 1.  [AUTHORIZATION.] The governing body of the 
  1.8   housing and redevelopment authority of the city of St. Paul may 
  1.9   create a housing district in the area of St. Paul known as 
  1.10  Capitol Heights, Lot V. 
  1.11     Subd. 2.  [INCOME REQUIREMENTS.] (a) The district 
  1.12  established under this section is subject to all the 
  1.13  requirements under Minnesota Statutes, sections 469.174 through 
  1.14  469.179, except the authority may elect to apply the income 
  1.15  limits under paragraph (b) in lieu of the limits under Minnesota 
  1.16  Statutes, section 469.1761, subdivision 2. 
  1.17     (b) To the extent the project financed with increments from 
  1.18  the district consists of owner occupied residential property, 
  1.19  the following income limits apply: 
  1.20     (1) at least ten percent of the units must initially be 
  1.21  purchased and occupied by persons at or below 60 percent of the 
  1.22  area median gross income; 
  1.23     (2) an additional ten percent of the units must initially 
  1.24  be purchased and occupied by persons at or below 80 percent of 
  1.25  the area median gross income; and 
  2.1      (3) the rest of the units must initially be purchased and 
  2.2   occupied by persons at or below 115 percent of the area median 
  2.3   gross income. 
  2.4      [EFFECTIVE DATE.] This section is effective upon local 
  2.5   approval by the governing body of the city of St. Paul and 
  2.6   compliance with Minnesota Statutes, section 645.021, subdivision 
  2.7   3.