as introduced - 86th Legislature (2009 - 2010) Posted on 03/17/2010 10:40am
A bill for an act
relating to taxation; providing special rules for a tax increment financing district
in the city of Cottage Grove.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Notwithstanding Minnesota
Statutes, section 469.175, subdivision 1, paragraph (b), the Economic Development
Authority of Cottage Grove may modify the tax increment financing plan for
Redevelopment Tax Increment Financing District No. 12 to change the first year in
which it elects to receive increment, up to nine years following the year of approval of
the district. Minnesota Statutes, section 469.175, subdivision 4, paragraph (b), does not
apply to the modification.
The requirement of Minnesota Statutes, section 469.1763,
subdivision 3, that activities must be undertaken within a five-year period from the
date of certification of a tax increment financing district, is considered to be met for
Redevelopment Tax Increment Financing District No. 12 in the city of Cottage Grove if
the activities were undertaken within ten years from the date of certification of the district.
Any parcel in Redevelopment Tax Increment
Financing District No. 12 in the city of Cottage Grove is deemed to meet the requirements
of Minnesota Statutes, section 469.174, subdivision 10, paragraph (d), clause (1), if the
following conditions are met:
(1) a building on the parcel was demolished by a developer or the city after the city
council found the building to be structurally substandard upon approval of original tax
increment financing plan for the district; and
(2) the city decertifies Redevelopment Tax Increment Financing District No. 12,
but files a request with the county auditor for certification of the parcel as part of a
subsequent redevelopment or renewal and renovation district within ten years after the
date of demolition.
This section is effective upon compliance by the governing
body of the Economic Development Authority of Cottage Grove with Minnesota Statutes,
section 645.021, subdivision 3.