HF 2416

1st Engrossment - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of Renville; setting the 
  1.3             certificate date and the original tax capacity local 
  1.4             tax rate of certain parcels in the tax increment 
  1.5             district; extending the time the authority may collect 
  1.6             certain tax increment. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  [CITY OF RENVILLE; TAX INCREMENT FINANCING 
  1.9   DISTRICT.] 
  1.10     Subdivision 1.  [CERTIFICATION DATE.] Except as otherwise 
  1.11  provided in this section, for purposes of Minnesota Statutes, 
  1.12  section 273.1399, and chapter 469, the certification date of the 
  1.13  addition of the following described property to tax increment 
  1.14  financing district No. 1 in the city of Renville is deemed to be 
  1.15  November 1, 1994:  Lots 5, 6, 7, 8, and 9, Block 32, O'Connor's 
  1.16  Addition. 
  1.17     Subd. 2.  [ORIGINAL NET TAX CAPACITY; ORIGINAL LOCAL TAX 
  1.18  RATE.] The original net tax capacity of property in subdivision 
  1.19  1 shall be $432 and the original local tax rate shall be 186.871 
  1.20  as of January 2, 1998, for increment collected in 1999. 
  1.21     Subd. 3.  [EXPENDITURE OF INCREMENT.] Notwithstanding the 
  1.22  provisions of Minnesota Statutes, section 469.176, subdivision 
  1.23  1b, the city of Renville may collect and expend tax increment 
  1.24  generated by the lots cited in subdivision 1, in tax increment 
  1.25  financing district No. 1 in the city of Renville, until December 
  1.26  31, 2007. 
  2.1      Subd. 4.  [LOCAL APPROVAL.] This section is effective upon 
  2.2   compliance by the city of Renville with Minnesota Statutes, 
  2.3   section 645.021, subdivision 3.