SF 592

as introduced - 88th Legislature (2013 - 2014) Posted on 02/22/2013 08:43am

A bill for an act
relating to the city of Glencoe; extending tax increment financing district.

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

Section 1. new text begin CITY OF GLENCOE; TAX INCREMENT FINANCING DISTRICT
EXTENSION.
new text end

new text begin Subdivision 1. new text end

new text begin Duration of district. new text end

new text begin Notwithstanding the provisions of Minnesota
Statutes, section 469.176, subdivision 1b, paragraph (a), clause (4), or any other law to
the contrary, the city of Glencoe may collect tax increments from tax increment financing
district No. 4 (McLeod County District No. 007) through December 31, 2023, subject to
the conditions in subdivision 2.
new text end

new text begin Subd. 2. new text end

new text begin Exclusive use of revenues. new text end

new text begin All tax increments derived from tax increment
financing district No. 4 (McLeod County District No. 007) that are collected after
December 31, 2013, must be used only to pay debt service on outstanding bonds issued to
finance improvements serving:
new text end

new text begin (1) tax increment financing district No. 14 (McLeod County District No. 033)
(Downtown);
new text end

new text begin (2) tax increment financing district No. 15 (McLeod County District No. 035)
(Industrial Park); and
new text end

new text begin (3) benefited properties as further described in proceedings related to the city's series
2007A bonds, dated September 1, 2007, and any bonds issued to refund those bonds.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon compliance by the governing
body of the city of Glencoe with the requirements of Minnesota Statutes, sections
469.1782, subdivision 2, and 645.021, subdivision 3.
new text end