SF 724

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to cities; ratifying certain tax increment 
  1.3             activities by the city of Faribault. 
  1.4   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.5      Section 1.  [FARIBAULT TAX INCREMENT RATIFICATION.] 
  1.6      All tax increment from the tax increment financing district 
  1.7   established by the city of Faribault in 1981, consisting of 
  1.8   areas designated as 1-West, 2-North, 3-Central, and 4-East, 
  1.9   expended before May 1, 1998, on any activity, program, or goal 
  1.10  for the district's project area, as amended, and the district's 
  1.11  tax increment financing plan, as amended, are ratified and 
  1.12  approved and shall conclusively be deemed spent in compliance 
  1.13  with applicable law.  Any subsequent expenditures of tax 
  1.14  increment from the district may be made on any activity, 
  1.15  program, or goal which is within the district's project area, as 
  1.16  amended, and which was incorporated before May 1, 1998, into the 
  1.17  district's tax increment financing plan, whether or not the 
  1.18  expenditure is for an activity located within the district. 
  1.19     Sec. 2.  [LOCAL APPROVAL.] 
  1.20     This act is effective the day after the chief clerical 
  1.21  officer of the city of Faribault complies with Minnesota 
  1.22  Statutes, section 645.021, subdivision 3.