SF 1141

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

  1.1                          A bill for an act
  1.2             relating to tax increment financing; authorizing the 
  1.3             city of Gaylord to extend the duration of and enlarge 
  1.4             a tax increment financing district. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [GAYLORD; TIF DISTRICT EXTENSION AND 
  1.7   EXPANSION.] 
  1.8      Notwithstanding the provisions of Minnesota Statutes, 
  1.9   section 469.176, subdivision 1c, the city of Gaylord may, by 
  1.10  resolution, extend the duration of a tax increment financing 
  1.11  district originally certified in 1978.  The city may not extend 
  1.12  the duration beyond December 31, 2018.  In addition, the city 
  1.13  may elect to add new area to the district, not to exceed an area 
  1.14  larger than 25 percent of the acreage of the original district.  
  1.15  The expanded area is subject to the rules applicable to the 
  1.16  original district. 
  1.17     Sec. 2.  [EFFECTIVE DATE.] 
  1.18     Section 1 is effective upon compliance with the 
  1.19  requirements of Minnesota Statutes, sections 469.1782 and 
  1.20  645.021.