SF 366

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of Windom; exempting a tax 
  1.3             increment financing district from certain restrictions.
  1.4   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.5      Section 1.  [ECONOMIC DEVELOPMENT.] 
  1.6      Subdivision 1.  [AUTHORIZATION.] The southwest Minnesota 
  1.7   multicounty housing redevelopment authority may establish an 
  1.8   economic development tax increment financing district in the 
  1.9   city of Windom under Minnesota Statutes, sections 469.174 to 
  1.10  469.179, for an ethanol facility that is certified by the 
  1.11  commissioner of revenue to qualify for state payments for 
  1.12  ethanol development under Minnesota Statutes, section 41A.09, to 
  1.13  the extent funds are available. 
  1.14     Subd. 2.  [SPECIAL RULES.] (a) The district established 
  1.15  under the authority of subdivision 1 is subject to Minnesota 
  1.16  Statutes, sections 469.174 to 469.179, except as provided in 
  1.17  this subdivision. 
  1.18     (b) Minnesota Statutes, section 273.1399, does not apply. 
  1.19     (c) Notwithstanding Minnesota Statutes, section 469.176, 
  1.20  subdivision 1b, tax increments from the district may be paid to 
  1.21  the authority for up to 25 years from the date of the receipt of 
  1.22  the first increment. 
  1.23     (d) Minnesota Statutes, section 469.176, subdivisions 4c 
  1.24  and 7, do not apply. 
  2.1      (e) The adjustment to original net tax capacity under 
  2.2   Minnesota Statutes, section 469.177, subdivision 1, paragraph 
  2.3   (f), does not apply. 
  2.4      (f) The tax rate used to determine the amount of revenues 
  2.5   from tax increments is the sum of the local tax rates for the 
  2.6   taxes payable year, notwithstanding contrary provisions of 
  2.7   Minnesota Statutes, section 469.177, subdivision 1a, limiting 
  2.8   increments to the original tax capacity rate. 
  2.9      (g) The county board in which the district is located shall 
  2.10  approve, by resolution: 
  2.11     (1) the tax increment financing plan; 
  2.12     (2) amendments to the tax increment financing plan that 
  2.13  require notice and a public hearing under Minnesota Statutes, 
  2.14  section 469.175, subdivision 4; and 
  2.15     (3) any modifications, whether an amendment to the tax 
  2.16  increment financing plan or otherwise, that change the 
  2.17  distribution to or sharing of the revenues derived from 
  2.18  increments with the county and school district under Minnesota 
  2.19  Statutes, section 469.176, subdivision 2, or otherwise. 
  2.20  If the county board declines to approve the plan, or an 
  2.21  amendment or a modification required to be approved under this 
  2.22  paragraph, the action is not effective. 
  2.23     Sec. 2.  [LOCAL APPROVAL.] 
  2.24     Section 1 is effective upon compliance by the governing 
  2.25  body of the city of Windom with Minnesota Statutes, section 
  2.26  645.021, subdivision 3.