HF 4177

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to tax increment financing; allowing a tax increment financing district in
the city of New Brighton to expend certain tax increments outside the district;
exempting the district from other requirements.

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

Section 1. new text begin CITY OF NEW BRIGHTON; TAX INCREMENT FINANCING
DISTRICT.
new text end

new text begin Notwithstanding the provisions of Minnesota Statutes, section 469.1763, subdivision
2, the city of New Brighton may expend tax increments from Tax Increment District No.
26 for eligible activities described in Minnesota Statutes, section 469.176, subdivision 4e,
outside of Tax Increment District No. 26, but only within the area described in Laws 1998,
chapter 389, article 11, section 24, subdivision 1. Minnesota Statutes, section 469.1763,
subdivisions 3 and 4, do not apply to expenditures permitted in this section.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon local approval by the governing
body of the city of New Brighton and compliance with Minnesota Statutes, section
645.021, subdivision 3.
new text end