HF 2387

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

A bill for an act
relating to the city of Ramsey; providing for the
creation of a tax increment financing district to
provide housing for elderly and disabled persons.

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

Section 1. new text begin ECONOMIC DEVELOPMENT; TAX INCREMENT DISTRICT.
new text end

new text begin Subdivision 1. new text end

new text begin Authorization. new text end

new text begin The governing body of the
city of Ramsey may create a housing tax increment financing
district as provided in this section. The city or its economic
development authority may be the "authority" for the purposes of
Minnesota Statutes, sections 469.174 to 469.179.
new text end

new text begin Subd. 2. new text end

new text begin Definitions. new text end

new text begin (a) For the purposes of this
section, the terms defined in this subdivision have the meanings
given them.
new text end

new text begin (b) "Development parcel" means the property in the city of
Ramsey generally described as the easterly 4.1 acres of Outlot
AA, Ramsey Town Center Addition.
new text end

new text begin (c) "Low and moderate income persons" means (1) persons or
families of low and moderate income, as defined in Minnesota
Statutes, chapter 462A, Title II of the National Housing Act of
1934, the National Housing Act of 1959, the United States
Housing Act of 1937, as amended, Title V of the Housing Act of
1949, as amended, any other similar present or future federal,
state, or municipal legislation, or the regulations promulgated
under any of those acts; (2) disabled persons; and (3) persons
over the age of 55 years.
new text end

new text begin Subd. 3. new text end

new text begin Special rules. new text end

new text begin (a) The district established
under this section is subject to the provisions of Minnesota
Statutes, sections 469.174 to 469.179, except as provided in
this subdivision.
new text end

new text begin (b) The district may consist of all or a portion of the
development parcel.
new text end

new text begin (c) The housing district shall be as described in Minnesota
Statutes, section 469.174, subdivision 11, provided that the
definition in subdivision 2 shall apply to all references to
"low and moderate income persons" therein. All improvements
constructed within the district must be considered to be made
for the benefit of low and moderate income persons as described
herein.
new text end

new text begin (d) Minnesota Statutes, section 469.176, subdivision 7,
does not apply to the housing district authorized herein.
new text end

new text begin (e) The income limitations in Minnesota Statutes, section
469.1761, shall not apply to persons meeting the requirements of
subdivision 2, paragraph (c), clauses (2) and (3).
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon local
approval in compliance with the requirements of Minnesota
Statutes, section 645.021.
new text end