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HF 4042

as introduced - 81st Legislature (1999 - 2000) Posted on 06/21/2017 11:01am

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



Version List Authors and Status

  1.1                          A bill for an act 
  1.2             relating to tax increment financing; authorizing the 
  1.3             city of St. Paul to create a housing district. 
  1.7      Subdivision 1.  [AUTHORIZATION.] The governing body of the 
  1.8   housing and redevelopment authority of the city of St. Paul may 
  1.9   create a tax increment financing housing district as provided in 
  1.10  this section for a development containing both owner-occupied 
  1.11  and residential rental units for mixed income occupancy. 
  1.12     Subd. 2.  [AREA.] The housing district authorized in this 
  1.13  section may only be created in the northeast quadrant of 
  1.14  downtown St. Paul, which is defined as the approximately 15 acre 
  1.15  area bounded by Interstate 94 on the north and east, Jackson 
  1.16  Street on the west, and Seventh Street on the south, together 
  1.17  with the west side of Jackson Street to mid-block between 
  1.18  Interstate 94 and Seventh Street. 
  1.20  AND RESIDENTIAL RENTAL DEVELOPMENT.] (a) Notwithstanding the 
  1.21  income requirements set forth in Minnesota Statutes, section 
  1.22  469.174, subdivision 11, or 469.1761, a housing district in the 
  1.23  northeast quadrant means a type of tax increment financing 
  1.24  district that consists of a project, or a portion of a project, 
  2.1   intended for occupancy, in part, by persons of low and moderate 
  2.2   income as defined in chapter 462A, Title II of the National 
  2.3   Housing Act of 1934, the National Housing Act of 1959, the 
  2.4   United State Housing Act of 1937, as amended, Title V of the 
  2.5   Housing Act of 1949, as amended, any other similar present or 
  2.6   future federal, state, or municipal legislation, or the 
  2.7   regulations promulgated under any of those acts, as further set 
  2.8   forth in this section.  Twenty percent of the units in the 
  2.9   development in the housing district must be occupied by 
  2.10  individuals whose family income is equal to or less than 50 
  2.11  percent of area median gross income and an additional 60 percent 
  2.12  of the units in the development in the housing district must be 
  2.13  occupied by individuals whose family income is equal to or less 
  2.14  than 115 percent of area median gross income.  Twenty percent of 
  2.15  the units in the development in the housing district shall not 
  2.16  be subject to any income limitations. 
  2.17     (b) For purposes of this section, family income means the 
  2.18  median gross income for the area as determined under section 42 
  2.19  of the Internal Revenue Code of 1986, as amended.  The income 
  2.20  requirements of this subdivision shall be deemed to be satisfied 
  2.21  if the sum of qualified owner-occupied units and qualified 
  2.22  residential rental units equals the required total number of 
  2.23  qualified units.  Owner-occupied units must be initially 
  2.24  purchased and occupied by individuals whose family income 
  2.25  satisfies the income requirements of this subdivision.  For 
  2.26  residential rental property, the income requirements of this 
  2.27  subdivision apply for the duration of the tax increment district.
  2.28     (c) The development in the housing district, but not the 
  2.29  project, does not qualify under this subdivision if the fair 
  2.30  market value of the improvements which are constructed for 
  2.31  commercial uses or for uses other than owner-occupied and rental 
  2.32  mixed income housing consists of more than 20 percent of the 
  2.33  total fair market value of the planned improvements in the 
  2.34  development plan or agreement.  The fair market value of the 
  2.35  improvements may be determined using the cost of construction, 
  2.36  capitalized income, or other appropriate method of estimating 
  3.1   market value. 
  3.2      Subd. 4.  [EFFECTIVE DATE.] This section is effective the 
  3.3   day after the governing body of the city of St. Paul and its 
  3.4   chief clerical officer timely comply with Minnesota Statutes, 
  3.5   section 645.021, subdivisions 2 and 3.

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