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HF 2492

as introduced - 87th Legislature (2011 - 2012) Posted on 02/28/2012 03:58pm

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 02/23/2012

Current Version - as introduced

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A bill for an act
relating to the city of Canby; allowing creation of a special tax increment
financing district.

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

Section 1. new text beginTAX INCREMENT FINANCING; CITY OF CANBY.
new text end

new text begin (a) The governing body of the city of Canby is authorized to establish a tax
increment financing district consisting of all lots, blocks, and public rights-of-way in the
Clapp Addition, City of Canby, Yellow Medicine County.
new text end

new text begin (b) Increment must be computed as provided under Minnesota Statutes, sections
469.174 to 469.178, except the original tax capacity of the district equals zero and
Minnesota Statutes, section 469.177, subdivision 1a, does not apply. The duration of the
district is limited to the lesser of (1) 20 years after the receipt of the first increment or (2)
one year after the city has received $175,000 in increment revenues from the district.
new text end

new text begin (c) Notwithstanding any law to the contrary, the city may use the increments as
reimbursement for its payment of principal and interest on bonds issued for Tax Increment
Financing District No. 1-21.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment
without local approval under the provisions of Minnesota Statutes, section 645.023,
subdivision 1, paragraph (a).
new text end