as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am
1.1 A bill for an act 1.2 relating to tax increment financing; authorizing 1.3 duration extensions to eliminate deficits caused by 1.4 the 2001 property tax changes; amending Minnesota 1.5 Statutes 2002, section 469.1792, subdivision 3. 1.6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.7 Section 1. Minnesota Statutes 2002, section 469.1792, 1.8 subdivision 3, is amended to read: 1.9 Subd. 3. [ACTIONS AUTHORIZED.] (a) An authority with a 1.10 district qualifying under this section may take
either or both1.11 any or all of the following actions for any or all of its 1.12 preexisting districts: 1.13 (1) the authority may elect that the original local tax 1.14 rate under section 469.177, subdivision 1a, does not apply to 1.15 the district; and1.16 (2) the authority may elect the fiscal disparities 1.17 contribution will be computed under section 469.177, subdivision 1.18 3, paragraph (a), regardless of the election that was made for 1.19 the district; or 1.20 (3) the authority may elect to extend the duration of the 1.21 district by up to five additional years beyond the duration 1.22 limit on the collection of increment under section 469.176, 1.23 subdivision 1b or 1e, or a special law applicable to the 1.24 district. 1.25 (b) The authority may take action under this subdivision 2.1 only after the municipality approves the action, by resolution, 2.2 after notice and public hearing in the manner provided under 2.3 section 469.175, subdivision 2. 2.4 (c) The additional increment that may be collected as a 2.5 result of actions taken under this section and any increments 2.6 transferred to the district under section 469.1763, subdivision 2.7 6, is limited to the lesser of: 2.8 (1) the amount the authority is obligated to pay under 2.9 preexisting obligations out of the increments from the district 2.10 that result in application of this section under subdivision 1; 2.11 or 2.12 (2) the increment that would have been collected if the 2.13 class rate changes and elimination of the state-determined 2.14 general education property tax levy had not been made under Laws 2.15 2001, First Special Session chapter 5, for the term of the 2.16 district under general law, less the actual increments collected 2.17 for the term of the district. 2.18 [EFFECTIVE DATE.] This section is effective for resolutions 2.19 approved after June 30, 2003.