as introduced - 88th Legislature (2013 - 2014) Posted on 03/14/2013 09:06am
A bill for an act
relating to taxation; city of Forest Lake; extending duration of Forest Lake
Economic Development Authority; authorizing use of tax increment financing;
extending authority.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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Notwithstanding Minnesota Statutes, section 469.176, or any other law to the
contrary, the Forest Lake Economic Development Authority and the city of Forest Lake
may extend the duration of and collect tax increments from the Tax Increment Financing
District No. 21 through December 31, 2025, subject to the conditions described in section 2.
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All tax increments received by the Forest Lake Economic Development Authority
and the city of Forest Lake under section 1 after December 31, 2015, must be used
only to pay the costs that are both: (1) related to redevelopment of any of the parcels
with the following parcel identification numbers: 1703221120001; 1703221120003;
1703221120018; 1703221120019; 1703221120020; 1703221120021; 1703221120022;
1703221120023; 1703221120029; 0803221120116; 0803221120062; 0803221120061;
0803221120060; 0803221120063; 0803221120031; 0803221120032; 0803221120125;
0803221120126; 0503221430087; 0503221430090; 0503221430086; 0503221430093;
0503221430092; and 0503221430091; and (2) otherwise eligible under law to be paid
with increments from the specified tax increment financing district.
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This section is effective upon compliance by the governing
body of the Forest Lake Economic Development Authority and the city of Forest Lake
with the requirements of Minnesota Statutes, sections 469.1782, subdivision 2; and
645.021, subdivision 3.
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