SF 1109

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of Roseville; authorizing the 
  1.3             city to extend the duration of a tax increment 
  1.4             financing district. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [CITY OF ROSEVILLE REDEVELOPMENT DISTRICT NO. 
  1.7   1.] 
  1.8      (a) Notwithstanding Minnesota Statutes, section 469.176, 
  1.9   subdivision 1b, upon approval of the city council of the city of 
  1.10  Roseville, the city may extend the duration of Roseville 
  1.11  redevelopment district No. 1 tax increment financing district 
  1.12  for a period of up to six years. 
  1.13     (b) The amount of the additional increment which may be 
  1.14  paid to the district as a result of this section may not exceed: 
  1.15     (1) the increment that would have been collected if the 
  1.16  class rate changes and the elimination of the state-determined 
  1.17  general education property tax levy had not been made under Laws 
  1.18  2001, First Special Session chapter 5, for the term of the 
  1.19  district under general law and if the provisions of Minnesota 
  1.20  Statutes, section 469.1792, subdivision 1, did not apply, less 
  1.21     (2) the actual increments collected for the term of the 
  1.22  district under general law.  
  1.23     (c) Notwithstanding any law to the contrary, effective upon 
  1.24  approval of this section, no increments may be spent on 
  1.25  activities located outside of the area of the district, other 
  2.1   than to pay administrative expenses.  
  2.2      (d) Upon payment in full of the city of Roseville amended 
  2.3   and restated tax increment revenue note, in the original amount 
  2.4   of $5,000,000, issued May 21, 1997, the district terminates and 
  2.5   the authority granted under this section terminates.  
  2.6      [EFFECTIVE DATE.] This section is effective upon compliance 
  2.7   with the requirements of Minnesota Statutes, sections 469.1782, 
  2.8   subdivision 2; and 645.021.