SF 1419

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to the city of Richfield; authorizing the
creation of a redevelopment tax increment financing
district.

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

Section 1. new text begin CITY OF RICHFIELD; TAX INCREMENT FINANCING
DISTRICT.
new text end

new text begin Subdivision 1. new text end

new text begin Authorization. new text end

new text begin The city of Richfield may
create a tax increment financing district consisting of an area
lying west of Trunk Highway 77 extending: to 16th Avenue
between Crosstown Highway 62 and 66th Street; to 17th Avenue
between 66th and 69th Streets; and to 18th Avenue between 69th
and 72nd Streets. The city or its housing and redevelopment
authority may be the authority for the purposes of Minnesota
Statutes, sections 469.174 to 469.179.
new text end

new text begin Subd. 2. new text end

new text begin District is redevelopment district. new text end

new text begin The
redevelopment tax increment district created pursuant to
subdivision 1 is deemed to be a redevelopment district and is
subject to Minnesota Statutes, sections 469.174 to 469.179,
except that:
new text end

new text begin (1) expenditures for activities as defined in Minnesota
Statutes, section 469.1763, subdivision 1, paragraph (b),
anywhere in the district are deemed to be the costs of
correcting conditions that allow the designation of
redevelopment districts pursuant to Minnesota Statutes, section
469.174, subdivision 10; and
new text end

new text begin (2) the five-year rule under Minnesota Statutes, section
469.1763, subdivision 3, does not apply.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin Section 1 is effective upon local
approval by the city of Richfield in compliance with Minnesota
Statutes, section 645.021.
new text end