as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am
1.1 A bill for an act 1.2 relating to tax increment financing; authorizing 1.3 duration extension of the housing and redevelopment 1.4 authority in and for Lake county. 1.5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.6 Section 1. [TAX INCREMENT FINANCING DISTRICT 1-2.] 1.7 Subdivision 1. [DISTRICT EXTENSION.] (a) The commissioners 1.8 of the housing and redevelopment authority in and for Lake 1.9 county may elect to extend the duration of the authority's 1.10 redevelopment tax increment financing district 1-2 by up to 16 1.11 additional years. 1.12 (b) The amount of additional increment which may be paid to 1.13 the district as a result of this subdivision may not exceed: 1.14 (1) the increment that would have been collected if the 1.15 class rate changes and elimination of the state-determined 1.16 general education property tax levy had not been made under Laws 1.17 2001, First Special Session chapter 5, for the term of the 1.18 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 Subd. 2. [PUBLIC HEARING.] The authority may take action 1.22 under this section only after Lake county approves the action by 1.23 resolution after notice and public hearing. 1.24 [EFFECTIVE DATE.] This section is effective upon compliance 1.25 with the provisions of Minnesota Statutes, sections 469.1782, 2.1 subdivision 2, and 645.021.