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SF 1881

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:24am

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

Current Version - as introduced

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A bill for an act
relating to taxation; authorizing establishment of a tax increment financing
district in the city of South St. Paul subject to certain requirements.

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

Section 1. new text begin HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY
OF SOUTH ST. PAUL; TAX INCREMENT FINANCING DISTRICT.
new text end

new text begin Subdivision 1. new text end

new text begin Authorization. new text end

new text begin Notwithstanding the provisions of any other law,
the Housing and Redevelopment Authority of the city of South St. Paul may establish a
redevelopment tax increment financing district comprised of the properties included in the
existing Concord Street tax increment district in the city that are exempt under Minnesota
Statutes, section 469.179, subdivision 1, and were not decertified before July 1, 2009. The
district created under this section may be certified after August 1, 2009, and terminates no
later than December 31, 2024. The Housing and Redevelopment Authority of the city of
South St. Paul may create the district under this section only if it enters into an agreement
with Dakota County to pay the county annually out of the increment from this district an
amount equal to the tax that would have been payable to the county on the captured tax
capacity of the district had the district not been created.
new text end

new text begin Subd. 2. new text end

new text begin Special rules. new text end

new text begin The requirements for qualifying a redevelopment district
under Minnesota Statutes, section 469.174, subdivision 10, do not apply to parcels located
within the district. Minnesota Statutes, section 469.176, subdivisions 4j and 4l, do not
apply to the district. The original tax capacity of the district is $354,945.
new text end

new text begin Subd. 3. new text end

new text begin Authorized expenditures. new text end

new text begin Tax increment from the district may be
expended to pay for any eligible activities authorized by Minnesota Statutes, chapter
469, within the redevelopment area that includes the district. All such expenditures are
deemed to be activities within the district under Minnesota Statutes, section 469.1763,
subdivisions 2, 3, and 4. The Housing and Redevelopment Authority of the city of South
St. Paul must collect the second half of the 2009 tax increment from the existing Concord
Street tax increment district and use the tax increment for eligible activities within the
redevelopment area.
new text end

new text begin Subd. 4. new text end

new text begin Adjusted net tax capacity. new text end

new text begin The captured tax capacity of the district must
be included in the adjusted net tax capacity of the city and county for the purposes of
determining local government aid and county program aid. The county auditor shall report
to the commissioner of revenue the amount of the captured tax capacity for the district at
the time the assessment abstracts are filed.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon compliance with Minnesota
Statutes, section 645.021, subdivision 3, by the governing body of the city of South St.
Paul.
new text end