as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am
1.1 A bill for an act 1.2 relating to taxation; authorizing creation of a 1.3 housing tax increment financing district in the city 1.4 of St. Paul. 1.5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.6 Section 1. [CITY OF ST. PAUL; HOUSING TAX INCREMENT 1.7 FINANCING DISTRICT.] 1.8 The governing body of the housing and redevelopment 1.9 authority of the city of St. Paul may create a tax increment 1.10 financing district as provided in this section for a development 1.11 containing owner-occupied residential units. 1.12 Notwithstanding the income requirements in Minnesota 1.13 Statutes, section 469.1761, subdivision 2, a tax increment 1.14 financing district located at Osceola-St. Clair connector, 300 1.15 Osceola Avenue in the city of St. Paul, is considered a housing 1.16 district under Minnesota Statutes, sections 469.174 to 469.179, 1.17 if at least 20 percent of the residential units in the project 1.18 are initially purchased and occupied by persons at or below 80 1.19 percent of the area median gross income, and the remaining units 1.20 in the project are initially purchased and occupied by persons 1.21 at or below 125 percent of the area median gross income. 1.22 [EFFECTIVE DATE.] This section is effective upon approval 1.23 by the governing body of the city of St. Paul, and compliance 1.24 with Minnesota Statutes, section 645.021, subdivision 3.