HF 873

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

A bill for an act
relating to taxation; authorizing creation of a tax
increment financing district in the city of St.
Michael subject to certain requirements.

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

Section 1. new text begin CITY OF ST. MICHAEL; TAX INCREMENT FINANCING
DISTRICT.
new text end

new text begin Subdivision 1. new text end

new text begin Establishment of district. new text end

new text begin The city of St.
Michael may establish a redevelopment tax increment financing
district subject to Minnesota Statutes, sections 469.174 to
469.179, except as provided in this section. The district must
be established within an area that includes the downtown and
town center areas as designated by the city as well as all
parcels adjacent to marked Trunk Highway 241 within the city.
new text end

new text begin Subd. 2. new text end

new text begin Special rules. new text end

new text begin (a) Notwithstanding the
requirements of Minnesota Statutes, section 469.174, subdivision
10, the district may be established and operated as a
redevelopment district.
new text end

new text begin (b) Notwithstanding the restrictions of Minnesota Statutes,
sections 469.176, subdivisions 4 and 4j, and 469.1763,
subdivision 2, revenues derived from tax increments from the
district created under this section may be used to meet the cost
of land acquisition, removal of buildings in the right-of-way
acquisition area, and other costs incurred by the city of St.
Michael in the expansion and improvement of marked Trunk Highway
241 within the city.
new text end

new text begin (c) Minnesota Statutes, section 469.176, subdivision 5,
does not apply to the district.
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. Michael complies with
Minnesota Statutes, section 645.021, subdivision 3.
new text end