SF 835

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to tax increment financing; authorizing
authorities to establish an urban renewal area;
amending Minnesota Statutes 2004, sections 469.174, by
adding a subdivision; 469.176, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2004, section 469.174, is
amended by adding a subdivision to read:

new text begin Subd. 30. new text end

new text begin Urban renewal area. new text end

new text begin "Urban renewal area" means
a contiguous geographic area designated within a project and
within which all parcels must be eligible for inclusion in a
redevelopment, renewal and renovation, or soils condition
district or are currently located within a redevelopment,
renewal and renovation, or soils condition district certified
within ten years before or after the date of approval of the
urban renewal area, which is the later of city or county
approval.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for urban
renewal areas established on or after the date of final
enactment.
new text end

Sec. 2.

Minnesota Statutes 2004, section 469.176, is
amended by adding a subdivision to read:

new text begin Subd. 8. new text end

new text begin Urban renewal area. new text end

new text begin (a) An authority may create
an urban renewal area only upon the notice and after the
discussion, public hearing, and findings required for approval
of the original project. In addition, the authority must obtain
written approval from the county in which the urban renewal area
is to be located. After approval by the city and county, the
authority shall notify the commissioner of revenue of the
approved urban renewal area.
new text end

new text begin (b) All provisions of sections 469.174 through 469.1799, as
they may be amended, apply except:
new text end

new text begin (1) the five-year rule under section 469.1763, subdivision
3, does not apply;
new text end

new text begin (2) the limitation on spending increment outside of the
district under section 469.1763, subdivision 2, does not apply
except for soils condition districts, but increments derived
from redevelopment or renewal and renovation districts may only
be expended on improvements or activities within the urban
renewal area; and
new text end

new text begin (3) the local tax rate certification required under section
469.177, subdivision 1a, does not apply.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for urban
renewal areas established on or after the date of final
enactment.
new text end