SF 1735

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; authorizing a levy on certain 
  1.3             property by the city of Woodbury for construction of a 
  1.4             highway interchange and adjacent improvements. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [CITY OF WOODBURY LEVY AUTHORITY.] 
  1.7      Notwithstanding any other law to the contrary, the city of 
  1.8   Woodbury may levy a tax not to exceed the amount provided in 
  1.9   section 2 on properties defined in section 3.  The levy is not 
  1.10  subject to any current or future limitation on the amount or tax 
  1.11  rate other than provided in section 2. 
  1.12     Sec. 2.  [LIMITATION.] 
  1.13     The levy authorized in section 1 shall not exceed the 
  1.14  product of: 
  1.15     (1) the positive difference, if any, between the areawide 
  1.16  tax rate under Minnesota Statutes, section 473F.08, subdivision 
  1.17  5, and the local tax rate under Minnesota Statutes, section 
  1.18  473F.08, subdivision 4; and 
  1.19     (2) the portion of the net tax capacity of the properties 
  1.20  defined in section 3 that is not subject to the areawide tax 
  1.21  rate under Minnesota Statutes, section 473F.08, subdivision 6.  
  1.22     Determination of the limitation under this section shall be 
  1.23  made for each unique taxing jurisdiction, as defined under 
  1.24  Minnesota Statutes, section 273.1398, subdivision 1, within the 
  1.25  city. 
  2.1      Sec. 3.  [PROPERTIES SUBJECT TO TAX.] 
  2.2      The properties subject to tax under section 1 are 
  2.3   commercial-industrial properties as defined under Minnesota 
  2.4   Statutes, section 473F.02, subdivision 3.  The net tax capacity 
  2.5   of commercial-industrial properties subject to tax under section 
  2.6   1 shall not include that portion of the net tax capacity subject 
  2.7   to the areawide tax rate under Minnesota Statutes, section 
  2.8   473F.08, subdivision 6. 
  2.9      Sec. 4.  [RELATION TO TAX INCREMENT FINANCING AND FISCAL 
  2.10  DISPARITIES.] 
  2.11     The levy under section 1 is not included in computations 
  2.12  under Minnesota Statutes, section 469.177 or Minnesota Statutes, 
  2.13  chapter 473F. 
  2.14     Sec. 5.  [USE OF PROCEEDS.] 
  2.15     The proceeds of the tax levied under section 1 are to be 
  2.16  used only for the construction of a highway interchange at the 
  2.17  intersection of Interstate Highway 494 and Tamarack Road and for 
  2.18  road and bridge improvements on the portion of the roads 
  2.19  connecting to and immediately adjacent to the interchange that 
  2.20  are required as the result of the construction of the 
  2.21  interchange. 
  2.22     Sec. 6.  [SUNSET.] 
  2.23     The tax under section 1 expires in the year immediately 
  2.24  following the later of the year in which: 
  2.25     (1) the improvements referenced in section 5 are paid for; 
  2.26  or 
  2.27     (2) any bonds issued to pay for the cost of those 
  2.28  improvements are defeased. 
  2.29     Sec. 7.  [EFFECTIVE DATE.] 
  2.30     Upon compliance by the governing body of the city of 
  2.31  Woodbury with Minnesota Statutes, section 645.021, subdivision 
  2.32  3, this act is effective for taxes levied in 1999, payable in 
  2.33  2000 and thereafter.