SF 1037

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

  1.1                          A bill for an act 
  1.2             relating to the city of Chanhassen; modifying certain 
  1.3             tax increment financing requirements. 
  1.4   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.5      Section 1.  [CITY OF CHANHASSEN; TAX INCREMENT DISTRICT.] 
  1.6      Subdivision 1.  [DISTRICT EXTENSION.] (a) Notwithstanding 
  1.7   the provisions of Minnesota Statutes, section 469.176, 
  1.8   subdivision 1c, full tax increments from the city of 
  1.9   Chanhassen's Downtown Redevelopment Tax Increment Financing 
  1.10  District Number 1 shall be paid to and may be retained by the 
  1.11  city of Chanhassen for property taxes payable in 2001, 2002, 
  1.12  2003, and 2004. 
  1.13     (b) Increments permitted to be paid to and retained by the 
  1.14  city under paragraph (a) may only be used to pay or defease 
  1.15  bonds issued or other obligations incurred prior to January 1, 
  1.16  1999, to fund public redevelopment costs within the 
  1.17  redevelopment project or bonds issued to refund the bonds. 
  1.18     Sec. 2.  [EFFECTIVE DATE.] 
  1.19     Section 1 is effective the day after compliance with 
  1.20  Minnesota Statutes, sections 469.1782, subdivision 2, and 
  1.21  645.021, subdivision 3.