HF 4973

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/14/2024 02:34pm

A bill for an act
relating to taxation; tax increment financing; providing an extension of the five-year
rule for a tax increment financing district in the city of St. Paul; amending Laws
2017, First Special Session chapter 1, article 6, section 22.

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

Section 1.

Laws 2017, First Special Session chapter 1, article 6, section 22, is amended
to read:

Sec. 22. CITY OF ST. PAUL; FORD SITE REDEVELOPMENT TIF DISTRICT.

(a) For purposes of computing the duration limits under Minnesota Statutes, section
469.176, subdivision 1b, the housing and redevelopment authority of the city of St. Paul
may waive receipt of increment for the Ford Site Redevelopment Tax Increment Financing
District. This authority is limited to the first four years of increment or increments derived
from taxes payable in 2023, whichever occurs first.

(b) If the city elects to waive receipt of increment under paragraph (a), for purposes of
applying any limits based on when the district was certified under Minnesota Statutes,
section 469.176, subdivision 6, or 469.1763, the date of certification for the district is deemed
to be January 2 of the property tax assessment year for which increment is first received
under the waiver.

new text begin (c) The five-year period under Minnesota Statutes, section 469.1763, subdivision 3, is
extended to ten years and the period under Minnesota Statutes, section 469.1763, subdivision
4, relating to the use of increment after the expiration of the five-year period, is extended
to 11 years for the Ford Site Redevelopment Tax Increment Financing District in the city
of St. Paul.
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 St. Paul and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021, subdivisions 2 and 3.
new text end