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SF 1838

as introduced - 89th Legislature (2015 - 2016) Posted on 03/19/2015 09:12am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4
1.5 1.6 1.7 1.8 1.9 1.10
1.11 1.12 1.13

A bill for an act
relating to the city of Cottage Grove; tax increment financing; extending the
five-year rule for Tax Increment Financing District No. 1-12.

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

Section 1. new text beginCITY OF COTTAGE GROVE; TAX INCREMENT FINANCING.
new text end

new text begin The requirement of Minnesota Statutes, section 469.1763, subdivision 3, that
activities must be undertaken within a five-year period from the date of certification of a
tax increment financing district, are considered to be met for Tax Increment Financing
District No. 1-12 (Gateway North), administered by the Cottage Grove Economic
Development Authority, if the activities are undertaken prior to January 1, 2017.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon compliance by the chief clerical
officer of the governing body of the city of Cottage Grove with the requirements of
Minnesota Statutes, section 645.021, subdivisions 2 and 3.
new text end