SF 1189

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to economic development abatement; granting
special abatement authority for a property in a tax
increment financing district in the city of Fairmont.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin FAIRMONT; ABATEMENT AUTHORITY.
new text end

new text begin The city of Fairmont, Martin County, and Independent School
District No. 2752, Fairmont Area Schools, may each grant an
abatement under Minnesota Statutes, sections 469.1812 to
469.1815, for property located in tax increment financing
district No. 20 in the city of Fairmont, notwithstanding any law
to the contrary. The total amount of the abatement for each
political subdivision may not exceed the taxes paid by the
original tax capacity of the district for each year of its
existence. Notwithstanding Minnesota Statutes, section 471.87,
or any other law governing conflicts of interest, a local
elected official may have a financial interest in and benefit
from the tax abatement authorized in this section if the
official discloses the interest and potential benefit on the
record, and abstains from voting on the matter.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day
following final enactment.
new text end