HF 3488

as introduced - 86th Legislature (2009 - 2010) Posted on 03/08/2010 10:00am

A bill for an act
relating to the city of Sauk Rapids; extending duration of a tax increment
financing district; authorizing certain expenditures.

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

Section 1. new text begin DURATION OF DISTRICT.
new text end

new text begin Notwithstanding the provisions of Minnesota Statutes, section 469.176, subdivision
1b, the Sauk Rapids Housing and Redevelopment Authority may collect tax increment
from Tax Increment Financing District No. 4 through December 31, 2015.
new text end

Sec. 2. new text begin USE OF TAX INCREMENT REVENUES.
new text end

new text begin Notwithstanding anything to the contrary in Minnesota Statutes, section 469.176,
subdivision 4g, paragraph (b), tax increment received from Tax Increment Financing
District No. 4 may be used to pay for costs of constructing a building to be used as a city
hall and public safety facility in the city of Sauk Rapids, together with all costs of design,
engineering, land acquisition, site improvements, and infrastructure to serve such building.
new text end

Sec. 3. new text begin EFFECTIVE DATE.
new text end

new text begin This act is effective upon compliance by the governing body of the city of Sauk
Rapids with the requirements of Minnesota Statutes, sections 469.1782, subdivision 2, and
645.021, subdivision 3.
new text end