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HF 2760

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

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Rtf

Bill Text Versions

Engrossments
Introduction Posted on 02/16/2006

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4
1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20
1.21 1.22 1.23

A bill for an act
 relating to taxation; tax increment financing; allowing tax increment financing
districts in the cities of Chatfield and Preston to capture the state general tax.

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

Section 1. new text begin TAX INCREMENT FINANCING; CITY OF CHATFIELD.
new text end

new text begin Subdivision 1. new text end

new text begin Authority. new text end

new text begin Increments for the following tax increment financing
districts include the tax paid by captured tax capacity under the state general tax,
Minnesota Statutes, section 275.025, if the conditions under subdivision 2 are satisfied:
 new text end

new text begin (1) tax increment financing district No. 2-4 in the city of Chatfield;
 new text end

new text begin (2) tax increment financing district 1 in the city of Preston;
 new text end

new text begin (3) tax increment financing district 5 in the city of Preston; and
 new text end

new text begin (4) tax increment financing district 6 in the city of Preston.
 new text end

new text begin Subd. 2. new text end

new text begin Conditions. new text end

new text begin To qualify for the authority under this section, the following
conditions must be satisfied:
 new text end

new text begin (1) the city agrees to extend the payment obligations under the note for the district
through the maximum duration for the district under Minnesota Statutes, section 469.176,
subdivision 1b; and
 new text end

new text begin (2) all of the holders of the note agree to extend the note??a??a??s maturity and payment
obligation at the same interest rate that applies under the existing note in return for
receiving reimbursement from increments from the state general tax.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for the first taxes payable year
that begins after compliance by the governing body of the city with the requirements
of Minnesota Statutes, section 645.021.
 new text end