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SF 2021

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Rtf

Current Version - as introduced

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A bill for an act
 relating to the city of Brooklyn Center; expanding the permitted uses of
increments of a tax increment financing district; amending Laws 1994, chapter
587, article 9, section 14, subdivisions 1, 2, 3.

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

Section 1.

Laws 1994, chapter 587, article 9, section 14, subdivision 1, is amended to
read:


Subdivision 1.

Establishment.

The city of Brooklyn Center may establish deleted text begin andeleted text end
new text begin a new text end redevelopment tax increment financing district in which 15 percent of the revenues
generated from tax increment in any year is deposited in the housing new text begin and environmental
remediation new text end development account of the authority and expended according to the tax
increment financing plan.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
 new text end

Sec. 2.

Laws 1994, chapter 587, article 9, section 14, subdivision 2, is amended to read:


Subd. 2.

Eligible activities.

The authority must identify in the plan the housing
activities that will be assisted by the housing new text begin and environmental remediation new text end development
account. Housing activities may include rehabilitation, acquisition, new text begin construction,
new text end demolition, and financing of new or existing single family or multifamily housing.
Housing new text begin and environmental remediation new text end activities listed in the plan need not be located
within the district or project area but must be activities that meet the new text begin income new text end requirements
deleted text begin of a qualified housing districtdeleted text end under Minnesota Statutes, section deleted text begin 273.1399 ordeleted text end 469.1761deleted text begin ,
subdivision 2deleted text end .new text begin These housing and environmental remediation activities are an activity
within the district for purposes of the requirements of Minnesota Statutes, section
469.1763, subdivision 2, paragraph (a), only.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
 new text end

Sec. 3.

Laws 1994, chapter 587, article 9, section 14, subdivision 3, is amended to read:


Subd. 3.

Housing account.

Tax increment to be expended for housing new text begin and
environmental remediation new text end activities under this section must be segregated by the
authority into a special account on its official books and records. The account may also
receive funds from other public and private sources.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
 new text end