SF 1489

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of New Brighton; authorizing 
  1.3             creation of certain tax increment districts in the 
  1.4             city. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [CITY OF NEW BRIGHTON; TAX INCREMENT 
  1.7   DISTRICTS.] 
  1.8      Subdivision 1.  [AUTHORIZATION.] (a) The city of New 
  1.9   Brighton may establish a project to be known as the northwest 
  1.10  quadrant area project and a project to be known as the central 
  1.11  redevelopment area project. 
  1.12     (b) As used in this act, "the northwest quadrant area" is 
  1.13  the area in the city of New Brighton that is bounded on the 
  1.14  north by the south boundary line of tax increment district 
  1.15  number 8 extended to Long Lake regional park, on the east by 
  1.16  I-35W, on the south by I-694, and on the west by Long Lake 
  1.17  regional park, and "the central redevelopment area" is the area 
  1.18  that is bounded on the north and west by Old Highway 8, on the 
  1.19  east by 5th Avenue N.W., and on the south by 1st Street N.W.  
  1.20     (c) Any parcel that is partially or wholly situated in the 
  1.21  northwest quadrant area or the central redevelopment area may be 
  1.22  included in one or more redevelopment tax increment financing 
  1.23  districts within the area if the request for certification of 
  1.24  the district is submitted to the Ramsey county auditor by 
  1.25  December 31, 2018. 
  2.1      (d) Minnesota Statutes, sections 273.1399, 469.176, 
  2.2   subdivision 4j, and 469.1763, do not apply to any tax increment 
  2.3   financing district in the northwest quadrant area project or the 
  2.4   central redevelopment area project, regardless of when the 
  2.5   request for certification of the district was made, including 
  2.6   requests made before the effective date of this act. 
  2.7      Subd. 2.  [EXPENDITURES OUTSIDE DISTRICT.] (a) For each tax 
  2.8   increment financing district in the northwest quadrant area 
  2.9   project, all tax increment revenue derived from the parcels in 
  2.10  the northwest quadrant area project must be expended on 
  2.11  activities in the northwest quadrant area project, or to pay 
  2.12  debt service on bonds issued by the city or the New Brighton 
  2.13  economic development authority, to the extent that the proceeds 
  2.14  of the bonds were used to finance activities in the northwest 
  2.15  quadrant area project or to pay, or secure payment of, debt 
  2.16  service on credit enhanced bonds issued by the city or the New 
  2.17  Brighton economic development authority. 
  2.18     (b) For each tax increment financing district in the 
  2.19  central redevelopment area project, all tax increment revenue 
  2.20  derived from the parcels in the central redevelopment area 
  2.21  project must be expended on activities in the central 
  2.22  redevelopment area project or to pay debt service on bonds 
  2.23  issued by the city or the New Brighton economic development 
  2.24  authority, to the extent that the proceeds of the bonds were 
  2.25  used to finance activities in the central redevelopment area 
  2.26  project or to pay, or secure payment of, debt service on credit 
  2.27  enhanced bonds issued by the city or the New Brighton economic 
  2.28  development authority. 
  2.29     Subd. 3.  [EFFECTIVE DATE.] This section is effective upon 
  2.30  compliance with Minnesota Statutes, section 645.021, subdivision 
  2.31  3.