SF 2382

as introduced - 89th Legislature (2015 - 2016) Posted on 04/20/2016 12:13pm

A bill for an act
relating to Washington County; authorizing a tax increment financing district
in Washington County.

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

Section 1. new text begin WASHINGTON COUNTY; TAX INCREMENT FINANCING
DISTRICT; SPECIAL RULES.
new text end

new text begin (a) If Washington County elects, upon the adoption of a tax increment financing
plan for a district, the rules under this section apply to one or more redevelopment tax
increment financing districts established by the county or the housing and redevelopment
authority of the county. The area within which the redevelopment tax increment districts
may be created is located in the city of Newport and is south of marked Interstate Highway
494, north of 15th Street extended to the Mississippi River, east of the Mississippi River
and west of marked Trunk Highway 61 and the adjacent rights-of-way and shall be
referred to as the "Newport Red Rock Crossing Project Area" or "project area."
new text end

new text begin (b) The requirements for qualifying redevelopment tax increment districts under
Minnesota Statutes, section 469.174, subdivision 10, do not apply to parcels in the project
area and are deemed eligible for inclusion in a redevelopment tax increment district.
new text end

new text begin (c) The 90 percent rule under Minnesota Statutes, section 469.176, subdivision 4j,
does not apply to the project area.
new text end

new text begin (d) The expenditures outside district rule under Minnesota Statutes, section
469.1763, subdivision 2, the five-year rule under Minnesota Statutes, section 469.1763,
subdivision 3, and the use of revenues for decertification in Minnesota Statutes, section
469.1763, subdivision 4, do not apply to the project area; however, expenditures shall only
be made within the project area.
new text end

new text begin (e) The authority to approve a tax increment financing plan and to establish a tax
increment financing district under this section expires on December 31, 2026.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon approval by the governing body
of the city of Newport and Washington County and upon compliance by the county with
Minnesota Statutes, section 645.021, subdivision 3.
new text end