SF 926

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to the city of Minnetonka; authorizing 
  1.3             expenditures for certain housing activities upon early 
  1.4             decertification of a housing tax increment financing 
  1.5             district; authorizing a housing development account. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [CITY OF MINNETONKA; HOUSING DEVELOPMENT 
  1.8   ACCOUNT.] 
  1.9      Subdivision 1.  [DEPOSITS IN ACCOUNT.] The Minnetonka 
  1.10  economic development authority may deposit the balance of 
  1.11  revenues derived from tax increment from housing tax increment 
  1.12  financing district No. 1 in the housing development account of 
  1.13  the authority.  These increments may be expended for housing 
  1.14  activities in accordance with the tax increment financing plan, 
  1.15  if before depositing the increments or making any expenditures 
  1.16  for housing activities under this section, the authority and 
  1.17  city: 
  1.18     (1) elect, by resolution, to decertify housing tax 
  1.19  increment financing district No. 1 as of December 31, 1997; and 
  1.20     (2) identify in the plan the housing activities that will 
  1.21  be assisted by the housing development account.  
  1.22     The election to decertify and any necessary plan amendment 
  1.23  may be approved before or after the effective date of this 
  1.24  section. 
  1.25     Subd. 2.  [PERMITTED HOUSING ACTIVITIES.] For the purposes 
  2.1   of this section, housing activities:  
  2.2      (1) may include rehabilitation, acquisition, demolition, 
  2.3   and financing of new or existing single family or multifamily 
  2.4   housing and public improvements directly related to such 
  2.5   activities, together with other related activities specified in 
  2.6   the housing action plan approved by the city or the authority in 
  2.7   compliance with Minnesota Statutes, sections 473.25 to 473.254; 
  2.8      (2) may be located anywhere within the city without regard 
  2.9   to the boundaries of any tax increment financing district or 
  2.10  project area; and 
  2.11     (3) for rental and owner-occupied housing, must meet the 
  2.12  income, rent, or sales price limitations established from time 
  2.13  to time by the metropolitan council under Minnesota Statutes, 
  2.14  sections 473.25 to 473.254. 
  2.15     Subd. 3.  [SEPARATE ACCOUNT REQUIRED.] Tax increment to be 
  2.16  expended for housing activities under this section must be 
  2.17  segregated by the authority into a special housing development 
  2.18  account on its official books and records.  The account may also 
  2.19  receive funds from other public and private sources. 
  2.20     Subd. 4.  [EFFECTIVE DATE.] This section is effective upon 
  2.21  approval by the governing body of the city of Minnetonka under 
  2.22  Minnesota Statutes, section 645.021, subdivision 2.