HF 3604

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/19/2024 04:48pm

A bill for an act
relating to taxation; tax increment financing; providing special tax increment
financing authority to the city of Plymouth.

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

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

new text begin Subdivision 1. new text end

new text begin Establishment. new text end

new text begin Under the special rules established in subdivision 2, the
city of Plymouth may establish one or more redevelopment districts located wholly within
the city of Plymouth, Hennepin County, Minnesota, limited to the area identified as the city
center district in the Plymouth, Minnesota Zoning Map in effect on January 1, 2024, and
adopted pursuant to section 21000.12 of the Plymouth Zoning Code of Ordinances.
new text end

new text begin Subd. 2. new text end

new text begin Special rules. new text end

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

new text begin (1) the district is deemed to meet the requirements of Minnesota Statutes, section 469.174,
subdivision 10;
new text end

new text begin (2) Minnesota Statutes, section 469.176, subdivision 4j, does not apply to the district;
new text end

new text begin (3) the five-year period under Minnesota Statutes, section 469.1763, subdivision 3, is
extended to ten years;
new text end

new text begin (4) increments from a district may be expended outside of the district and within the
boundaries of the city and are deemed expended on activities within the district for purposes
of Minnesota Statutes, section 469.1763; and
new text end

new text begin (5) Minnesota Statutes, section 469.1763, subdivision 4, does not apply to the district.
new text end

new text begin Subd. 3. new text end

new text begin Expiration. new text end

new text begin The authority to approve a tax increment financing plan to establish
a tax increment financing district under this section expires December 31, 2030.
new text end

new text begin EFFECTIVE DATE. new text end

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