SF 1377

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to tax increment financing; authorizing 
  1.3             certain expenditures of tax increment revenues by the 
  1.4             St. Cloud housing and redevelopment authority. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [TAX INCREMENT DISTRICT POOLING; ST. CLOUD 
  1.7   HOUSING AND REDEVELOPMENT AUTHORITY.] 
  1.8      Notwithstanding the provisions of Minnesota Statutes, 
  1.9   section 469.1763, subdivision 2, and the provisions of the tax 
  1.10  increment financing act in effect for districts established by 
  1.11  the St. Cloud housing and redevelopment authority for which the 
  1.12  request for certification was made after May 1, 1979, and before 
  1.13  June 30, 1982, revenue derived from tax increments paid by 
  1.14  properties in the districts may be expended through a 
  1.15  development fund or otherwise within other tax increment 
  1.16  districts established by the authority or to finance the 
  1.17  redevelopment of commercial properties outside of tax increment 
  1.18  financing districts which were destroyed in a natural gas 
  1.19  explosion on December 11, 1998. 
  1.20     Sec. 2.  [EFFECTIVE DATE.] 
  1.21     Section 1 is effective the day after compliance with 
  1.22  Minnesota Statutes, section 645.021, subdivision 3.