SF 884

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to tax increment financing; authorizing the city of Anoka to establish
districts subject to special rules.

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

Section 1. new text begin CITY OF ANOKA; TAX INCREMENT FINANCING AUTHORITY.
new text end

new text begin Subdivision 1. new text end

new text begin Authority. new text end

new text begin The city of Anoka may establish within its corporate
boundaries one or more tax increment financing districts subject to the special rules under
subdivision 3. The tax increment financing districts may include any parcel, if any portion
of the parcel is within a 1,000-foot radius of the nearest lot line of the parcel containing
the proposed location of a rail transit station in the city. The aggregate geographic area
encompassed by the tax increment financing districts may not exceed 95 acres.
new text end

new text begin Subd. 2. new text end

new text begin Deemed redevelopment district. new text end

new text begin Any tax increment financing district
created by the city under subdivision 1 is deemed a redevelopment district without regard
to the provisions of Minnesota Statutes, section 469.174, subdivision 10.
new text end

new text begin Subd. 3. new text end

new text begin Special rules. new text end

new text begin Any district established under the authority in subdivision 1
is subject to the following rules:
new text end

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

new text begin (2) expenditures for activities, as defined in Minnesota Statutes, section 469.1763,
subdivision 1, paragraph (b), anywhere in the area in which a district may be established
under subdivision 1 are deemed to be for the costs of correcting conditions that allow the
designation of a redevelopment district pursuant to Minnesota Statutes, section 469.174,
subdivision 10; and
new text end

new text begin (3) expenditures of increments for costs of land acquisition, parking, pedestrian
and vehicular transit improvements, and any other public improvements that are related
to a proposed rail transit station in the city within the area in which a district may be
established under subdivision 1 are deemed to be expenditures within the district under the
requirements of Minnesota Statutes, section 469.1763, subdivision 2.
new text end

new text begin Subd. 4. new text end

new text begin Expiration. new text end

new text begin The authority to approve tax increment plans to establish tax
increment financing districts under this section expires December 31, 2017.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon approval by the governing body
of the city of Anoka and compliance with Minnesota Statutes, section 645.021.
new text end