SF 2388

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

A bill for an act
relating to taxation; authorizing extended duration limits for certain
redevelopment tax increment financing districts in the city of Oakdale.

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

Section 1. new text begin CITY OF OAKDALE; EXTENDED DURATION FOR TAX
INCREMENT FINANCING DISTRICTS.
new text end

new text begin (a) Notwithstanding Minnesota Statutes, section 469.176, subdivision 1b, the
Housing and Redevelopment Authority in and for the city of Oakdale may create a
redevelopment tax increment district that has a duration limit of 35 years after receipt of
the first increment in each of the areas described in paragraph (b).
new text end

new text begin (b) The district or districts may be created in either or both of the areas
comprised of the parcels with the following parcel identification numbers: (1)
3102921320053; 3102921320054; 3102921320055; 3102921320056; 3102921320057;
3102921320058; 3102921320062; 3102921320063; 3102921320059; 3102921320060;
and 3102921320061; and (2) 3102921330005 and 3102921330004.
new text end

new text begin EFFECTIVE DATE; LOCAL APPROVAL. new text end

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