SF 1477

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 Richfield; authorizing the 
  1.3             creation of a redevelopment tax increment financing 
  1.4             district. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [CITY OF RICHFIELD; TAX INCREMENT FINANCING 
  1.7   DISTRICT.] 
  1.8      Subdivision 1.  [AUTHORIZATION.] The city of Richfield may 
  1.9   create a tax increment financing district consisting of an area 
  1.10  bordered by crosstown highway 62 on the north, 66th street on 
  1.11  the south, trunk highway 77 on the east, and the east side of 
  1.12  16th avenue to the west.  The city or its housing and 
  1.13  redevelopment authority may be the authority for the purposes of 
  1.14  Minnesota Statutes, sections 469.174 to 469.179. 
  1.15     Subd. 2.  [DISTRICT IS REDEVELOPMENT DISTRICT.] The 
  1.16  redevelopment tax increment district created pursuant to 
  1.17  subdivision 1 is deemed to be a redevelopment district and is 
  1.18  subject to Minnesota Statutes, sections 469.174 to 469.179, 
  1.19  except that expenditures for activities as defined in Minnesota 
  1.20  Statutes, section 469.1763, subdivision 1, paragraph (b), 
  1.21  anywhere in the district are deemed to be the costs of 
  1.22  correcting conditions that allow the designation of 
  1.23  redevelopment districts pursuant to Minnesota Statutes, section 
  1.24  469.174, subdivision 10. 
  1.25     [EFFECTIVE DATE.] Section 1 is effective upon local 
  2.1   approval by the city of Richfield in compliance with Minnesota 
  2.2   Statutes, section 645.021.