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Minnesota Legislature

Office of the Revisor of Statutes

SF 525

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

  1.1                          A bill for an act 
  1.2             relating to the city of Duluth; providing for an 
  1.3             economic development tax increment financing district 
  1.4             of the Duluth economic development authority. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [CITY OF DULUTH; TAX INCREMENT FINANCING 
  1.7   DISTRICT.] 
  1.8      Subdivision 1.  [AUTHORIZATION.] Upon approval of the 
  1.9   governing body of the city of Duluth, the Duluth economic 
  1.10  development authority may create an economic development tax 
  1.11  increment financing district for aircraft related facilities.  
  1.12  Except as otherwise provided in this section, the provisions of 
  1.13  Minnesota Statutes, sections 469.174 to 469.179 apply to the 
  1.14  district. 
  1.15     Subd. 2.  [SPECIAL RULES.] (a) Notwithstanding the 
  1.16  provisions of Minnesota Statutes, section 469.176, subdivision 
  1.17  1b, paragraph (a), clause (3), no tax increment shall in any 
  1.18  event be paid to the authority after 25 years after receipt by 
  1.19  the authority of the first tax increment for the district 
  1.20  authorized by this section. 
  1.21     (b) The development in the district authorized by this 
  1.22  section shall be deemed to be a purpose authorized under 
  1.23  Minnesota Statutes, section 469.176, subdivision 4c, paragraph 
  1.24  (a). 
  1.25     (c) For purposes of Minnesota Statutes, section 469.177, 
  2.1   subdivision 12, the applicable maximum duration limit of the 
  2.2   district authorized by this section shall be as set forth in 
  2.3   paragraph (a). 
  2.4      [EFFECTIVE DATE.] This section is effective upon compliance 
  2.5   with the requirements of Minnesota Statutes, sections 469.1782 
  2.6   and 645.021.