SF 1268

as introduced - 89th Legislature (2015 - 2016) Posted on 03/05/2015 09:04am

A bill for an act
relating to the city of Eagan; tax increment financing; amending Laws 2014,
chapter 308, article 6, section 7.

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

Section 1.

Laws 2014, chapter 308, article 6, section 7, is amended to read:

Sec. 7. CITY OF EAGAN; TAX INCREMENT FINANCING.

(a) Effective for taxes payable in 2015, the city of Eagan may elect to compute tax
increment for the Cedar Grove Tax Increment Financing District using the current local tax
rate, notwithstanding the provisions of Minnesota Statutes, section 469.177, subdivision 1a.

(b) The requirements of Minnesota Statutes, section 469.1763, subdivision 3, that
activities must be undertaken within a five-year period from the date of certification
of a tax increment financing district, is considered to be met for the Cedar Grove Tax
Increment Financing District in the city of Eagan if the activities are undertaken within 13
years from the date of certification of the district.

(c) Notwithstanding the provisions of Minnesota Statutes, section 469.176,
subdivision 1b, or any other law to the contrary, the city of Eagan may collect tax
increment from the Cedar Grove Tax Increment Financing District through December
31, 2032. new text begin Notwithstanding the provisions of Minnesota Statutes, section 469.1782,
subdivision 2, any extension under this paragraph takes effect with regard to any affected
local government unit, as that term is defined in section 469.1782, subdivision 2, that
approved the extension, subject to the provisions of paragraph (d).
new text end

new text begin (d) For purposes of any extension under paragraph (c), if the governing body of an
affected local government unit does not approve the extension, but the extension takes
effect because one or more other affected local government units approve, the following
rules apply:
new text end

new text begin (1) tax increments during the period of the extension that are attributable to levies
imposed by an affected local government unit that did not approve the extension must be
paid by the county to the affected local government unit that did not approve the extension;
new text end

new text begin (2) for increment paid to the school district during the period of the extension, the
school district must report the amounts to the commissioner of education, along with any
additional information required by the commissioner and at the times required by the
commissioner; and new text end

new text begin
(3) the commissioner of education shall deduct from state aid payable to the school
district the amount of the reported tax increment attributable to state equalized levies.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin The amendment to paragraph (c) extending the duration of
the district to 2034 is effective upon compliance by one or more of the governing bodies
of the city of Eagan, Dakota County, and Independent School District No. 191 with
the requirements of Minnesota Statutes, sections 469.1782, subdivision 2, and 645.021,
subdivision 3.
new text end