SF 1044

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 Inver Grove Heights; extending 
  1.3             the duration of a tax increment financing district; 
  1.4             providing for use of the tax increments; amending Laws 
  1.5             1993, chapter 375, article 14, section 22, subdivision 
  1.6             1. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Laws 1993, chapter 375, article 14, section 22, 
  1.9   subdivision 1, is amended to read: 
  1.10     Subdivision 1.  [EXTENSION OF TAX INCREMENT FINANCING 
  1.11  DISTRICT.] Tax increment financing district No. 3-2, established 
  1.12  by the city of Inver Grove Heights on April 30, 1992, under Laws 
  1.13  1990, chapter 604, article 7, section 30, subdivision 2, 
  1.14  continues in effect until the earlier of (1) May 1, 2004 2006, 
  1.15  or (2) when all costs provided for in the tax increment 
  1.16  financing plan relating to the district have been paid.  In no 
  1.17  event may the city receive more than eight ten years of tax 
  1.18  increments for the district and.  All tax increments received 
  1.19  after May 1, 2002, and before May 1, 2004, in excess of the 
  1.20  amount of local government aid lost by the city under Minnesota 
  1.21  Statutes, section 273.1399, as a result of such tax increments, 
  1.22  shall be used only to pay or reimburse capital costs of public 
  1.23  road and bridge improvements.  All tax increments received after 
  1.24  May 1, 2004, in excess of the amount of local government aid 
  1.25  lost by the city under Minnesota Statutes, section 273.1399, as 
  1.26  a result of the tax increments, must be used only to pay debt 
  2.1   service on obligations incurred before January 1, 1999, to pay 
  2.2   costs provided for in the tax increment financing plan, or on 
  2.3   obligations incurred to refinance the original obligations. 
  2.4      Sec. 2.  [LOCAL APPROVAL.] 
  2.5      Section 1 is effective upon approval by the governing body 
  2.6   of the city of Inver Grove Heights, and compliance with 
  2.7   Minnesota Statutes, section 645.021, subdivision 3.