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SF 1331

as introduced - 88th Legislature (2013 - 2014) Posted on 03/14/2013 09:09am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to tax increment financing; providing a two-year extension of the
temporary authority to stimulate construction; amending Minnesota Statutes
2012, section 469.176, subdivision 4m.

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

Section 1.

Minnesota Statutes 2012, section 469.176, subdivision 4m, is amended to
read:


Subd. 4m.

Temporary authority to stimulate construction.

(a) Notwithstanding
the restrictions in any other subdivision of this section or any other law to the contrary,
except the requirement to pay bonds to which the increments are pledged and the
provisions of subdivisions 4g and 4h, the authority may spend tax increments for one or
more of the following purposes:

(1) to provide improvements, loans, interest rate subsidies, or assistance in any
form to private development consisting of the construction or substantial rehabilitation
of buildings and ancillary facilities, if doing so will create or retain jobs in this state,
including construction jobs, and that the construction commences before July 1, deleted text begin2012
deleted text endnew text begin 2014new text end, and would not have commenced before that date without the assistance; or

(2) to make an equity or similar investment in a corporation, partnership, or limited
liability company that the authority determines is necessary to make construction of a
development that meets the requirements of clause (1) financially feasible.

(b) The authority may undertake actions under the authority of this subdivision only
after approval by the municipality of a written spending plan deleted text beginthat specifically authorizes
the authority to take the actions
deleted text end. new text beginThe spending plan must contain a detailed description
of each action to be undertaken.
new text endThe municipality shall approve the spending plan only
after a public hearing after published notice in a newspaper of general circulation in
the municipality at least once, not less than ten days nor more than 30 days prior to the
date of the hearing.

(c) The authority to spend tax increments under this subdivision expires December
31, deleted text begin2012deleted text endnew text begin 2014new text end.

(d) For a development consisting of housing, the authority to spend tax increments
under this subdivision expires December 31, 2011, and construction must commence
before July 1, 2011, except the authority to spend tax increments on market rate housing
developments under this subdivision expires July 31, deleted text begin2012deleted text endnew text begin 2014new text end, and construction must
commence before January 1, deleted text begin2012deleted text endnew text begin 2014new text end.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment
and applies to all tax increment financing districts, regardless of when the request for
certification was made.
new text end