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HF 3821

1st Engrossment - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 03/05/2008
1st Engrossment Posted on 03/27/2008

Current Version - 1st Engrossment

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A bill for an act
relating to the city of Minneapolis; extending the duration of certain tax
increment financing districts; providing for distribution of their increments;
limiting changes to the neighborhood revitalization program governance
structure; amending Minnesota Statutes 2006, sections 469.1781; 469.1831, by
adding a subdivision.

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

Section 1.

Minnesota Statutes 2006, section 469.1781, is amended to read:


469.1781 REQUIRED SPENDING FOR NEIGHBORHOOD
REVITALIZATION.

(a) The provisions of this section apply to a city of the first class if the following
conditions are met:

(1) the city refunded bonds and revenues, derived from increment from a district for
which certification was requested before August 1, 1979, were pledged to pay the bonds;

(2) the refunding bonds were issued after April 1, 1988, and before April 1, 1990;

(3) the refunded bonds' obligations were due and payable in full by the calendar
year 2002 and the refunding bonds' obligations are payable, in whole or part, during
the calendar years 2001 through 2009; and

(4) the city had in place during 1989 an ordinance providing for excess increments to
be distributed under section 469.176, subdivision 2, paragraph (a), clause (4), and the city
modified the ordinance to eliminate all or part of the distributions of excess increments.

(b) For calendar years 1990 through 2001, in each year the city must expend for a
neighborhood revitalization program, as established under section 469.1831, an amount
of revenues derived from tax increments equal to at least:

(1) the amount of the additional principal and interest payments that would have
been due for the year on the refunded bonds, if the bonds had not been refunded; and

(2) the amount of money which would have been distributed as excess increments
under the city ordinance had it not been modified.

new text begin (c) Notwithstanding the provisions of section 469.176, subdivision 1c, the duration
of districts in the city of Minneapolis that are exempt under section 469.179, subdivision
1, and were not decertified before July 1, 2008, are extended through December 31, 2019.
new text end

new text begin (d) The county auditor shall distribute the additional increments received as a result
of the duration extension under paragraph (c) as excess increments in the manner provided
under section 469.176, subdivision 2, paragraph (c), clause (4). The amount allocated
under this provision to the city of Minneapolis must be divided equally between the city's
general fund and the neighborhood revitalization program under section 469.1831. The
city must transfer the revenues allocated to the neighborhood revitalization program within
14 days after receipt from the county to the account of the program under section 469.1831.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon compliance by the city of
Minneapolis with the requirements of Minnesota Statutes, section 645.021.
new text end

Sec. 2.

Minnesota Statutes 2006, section 469.1831, is amended by adding a subdivision
to read:


new text begin Subd. 6a. new text end

new text begin Minneapolis NRP; governing board. new text end

new text begin The composition of, method of
selecting, and voting authority of the members of the policy board of the Minneapolis
neighborhood revitalization program under subdivision 6 and the program's bylaws must
remain in place during the period in which funding is received under section 469.1781.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment
and applies during the period that section 1 is in effect.
new text end