HF 2370

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to tax increment financing; prohibiting new
tax increment financing districts or certain
modifications of existing districts; proposing coding
for new law in Minnesota Statutes, chapter 469.

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

Section 1.

new text begin [469.1795] TERMINATION OF TAX INCREMENT
FINANCING AUTHORITY; ADDITIONAL ACTIVITY PROHIBITED.
new text end

new text begin After May 31, 2005, notwithstanding any other law to the
contrary, the following actions are prohibited:
new text end

new text begin (1) certification of a new tax increment financing
district; and
new text end

new text begin (2) modification of an existing tax increment financing
plan to extend the duration of a district, expand the activities
to be financed within the district, or incur additional expenses
not included in the plan before May 31, 2005.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective June 1, 2005.
new text end