HF 2775

as introduced - 92nd Legislature (2021 - 2022) Posted on 02/28/2022 04:34pm

A bill for an act
relating to taxation; authorizing a tax increment financing district in the city of
Plymouth.

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

Section 1. CITY OF PLYMOUTH; TIF AUTHORITY.

Subdivision 1.

Establishment.

Under the special rules established in subdivision 2 of
this section, the city of Plymouth may establish a redevelopment district located wholly
within the city of Plymouth, Hennepin County, Minnesota, limited to the following parcels,
identified by tax identification numbers, together with adjacent roads and rights-of-way:
34-119-22-44-0002, 03-118-22-12-0002, 03-118-22-11-0007, 02-118-22-22-0005, and
03-118-22-14-0032.

Subd. 2.

Special rules.

If the city establishes a tax increment financing district under
this section, the following special rules apply:

(1) the district meets all the requirements of Minnesota Statutes, section 469.174,
subdivision 10;

(2) the five-year rule period under Minnesota Statutes, section 469.1763, subdivision 3,
is extended to ten years;

(3) Minnesota Statutes, section 469.176, subdivision 4j, does not apply to the district;
and

(4) increments generated from the district may be expended on improvements to Hennepin
County Road 47 outside the project area, and all such expenditures are deemed expended
on activities within the district for the purposes of Minnesota Statutes, section 469.1763.

Subd. 3.

Expiration.

The authority to approve a tax increment financing plan to establish
a tax increment financing district under this section expires December 31, 2029.

EFFECTIVE DATE.

This section is effective the day after the governing body of the
city of Plymouth and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021, subdivisions 2 and 3.