as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am
1.1 A bill for an act 1.2 relating to the city of Hibbing; authorizing an 1.3 extension of a tax increment financing district. 1.4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.5 Section 1. [HIBBING TAX INCREMENT FINANCING DISTRICT; 1.6 EXTENSION.] 1.7 (a) The governing body of the city of Hibbing and its 1.8 economic development authority may elect to extend the duration 1.9 of redevelopment tax increment financing district No. 7 by up to 1.10 six additional years. 1.11 (b) The amount of additional increment which may be paid to 1.12 the district as a result of this subdivision may not exceed: 1.13 (1) the increment that would have been collected if the 1.14 class rate changes and elimination of the state-determined 1.15 general education property tax levy had not been made under Laws 1.16 2001, First Special Session chapter 5, and if the provisions of 1.17 Minnesota Statutes, section 469.1792, did not apply, for the 1.18 term of the district under general law, less 1.19 (2) the actual increments collected for the term of the 1.20 district under general law. 1.21 [EFFECTIVE DATE.] This section is effective upon compliance 1.22 with the provisions of Minnesota Statutes, sections 469.1782, 1.23 subdivision 2, and 645.021.