HF 597

as introduced - 88th Legislature (2013 - 2014) Posted on 02/14/2013 01:58pm

A bill for an act
relating to the city of Savage; providing tax increment financing authority.

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

Section 1. new text begin CITY OF SAVAGE; TAX INCREMENT FINANCING AUTHORITY.
new text end

new text begin (a) If the city elects upon the adoption of a tax increment financing plan for a district,
the rules under this section apply to one or more redevelopment tax increment financing
districts established by the city of Savage or the economic development authority of the
city. The area within which the redevelopment tax increment districts may be created
includes the following parcels and adjacent rights-of-way and shall be referred to as
the Mining Reclamation Project Area: parcel numbers 26-931-023-0, 26-931-022-0,
26-931-039-0, 26-931-041-0, 26-931-018-1, 26-931-043-0, 26-931-020-0, 26-931-021-0,
26-931-035-0, 26-931-040-0, 26-931-036-0, 26-931-037-0, 26-931-038-0, 26-340-001-0.
new text end

new text begin (b) The requirements for qualifying redevelopment tax increment districts under
Minnesota Statutes, section 469.174, subdivision 10, do not apply to the parcels located
within the Mining Reclamation Project Area, which are deemed eligible for inclusion
in a redevelopment tax increment district.
new text end

new text begin (c) The limitations on spending increment outside of the district under Minnesota
Statutes, section 469.1763, subdivision 2, do not apply, but increments may only be
expended on improvements or activities within the area defined in paragraph (a).
new text end

new text begin (d) The five-year rule under Minnesota Statutes, section 469.1763, subdivision
3, and the use of revenues for decertification in Minnesota Statutes, section 469.1763,
subdivision 4, do not apply to the Mining Reclamation Project Area.
new text end

new text begin (e) The authority to approve tax increment financing plans and to establish one or
more tax increment financing districts under this section expires on December 31, 2023.
new text end

new text begin EFFECTIVE DATE. new text end

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