SF 403

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 Morris; providing for the 
  1.3             enlargement of a tax increment financing district. 
  1.4   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.5      Section 1.  [CITY OF MORRIS; TAX INCREMENT FINANCING 
  1.6   DISTRICT; AUTHORIZATION.] 
  1.7      Notwithstanding the provisions of Minnesota Statutes, 
  1.8   section 469.175, subdivision 4, paragraph (b), the economic 
  1.9   development authority of the city of Morris may, within one year 
  1.10  after the effective date of this act, enlarge the geographic 
  1.11  area of tax increment financing district No. 5.  The district is 
  1.12  established under and subject to Minnesota Statutes, sections 
  1.13  469.174 to 469.178, except: 
  1.14     (1) Minnesota Statutes, section 273.1399, does not apply to 
  1.15  the enlarged geographic area of the district; 
  1.16     (2) the duration limit for the district and enlarged area 
  1.17  is December 31, 2018; 
  1.18     (3) the adjustment to the original net tax capacity under 
  1.19  Minnesota Statutes, section 469.177, subdivision 1, paragraph 
  1.20  (f), does not apply to the enlarged geographic area of the 
  1.21  district; and 
  1.22     (4) the percentage of buildings and facilities (determined 
  1.23  on the basis of square footage), located in the enlarged 
  1.24  geographic area of the district that may be used for 
  2.1   nonqualifying purposes under Minnesota Statutes, section 
  2.2   469.176, subdivision 4c, may not exceed 40 percent, to the 
  2.3   extent the nonqualifying square footage is directly related to 
  2.4   and in support of the qualifying activity. 
  2.5      Sec. 2.  [EFFECTIVE DATE; LOCAL APPROVAL] 
  2.6      This act is effective upon approval by the governing body 
  2.7   of the city of Morris under Minnesota Statutes, section 645.021, 
  2.8   subdivision 2.