SF 2437

as introduced - 87th Legislature (2011 - 2012) Posted on 06/26/2012 03:24pm

A bill for an act
relating to tax increment financing; authorizing certain expenditures of tax
increments by the St. Cloud Economic Development Authority; ratifying certain
tax increment financing actions.

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

Section 1. new text begin ST. CLOUD ECONOMIC DEVELOPMENT AUTHORITY;
EXPENDITURE OF FUND BALANCE.
new text end

new text begin Notwithstanding any other law to the contrary or the provisions of the tax increment
financing plan, the economic development authority for the city of St. Cloud may
authorize the expenditure of the balance of the tax increments from tax increment district
no. 2, commonly referred to as the Norwest District, within the Central Area Urban
Renewal Project area of the city. Eligible expenditures are for public infrastructure
improvements, including but not limited to improvements as further described in the city
of St. Cloud's 2003 Comprehensive Plan and 1996 Downtown Streetscape Plan, which
will further economic development in the Central Area Urban Renewal Project area of the
city. All tax increments from tax increment financing district no. 2 expended are ratified
and approved and are conclusively deemed to be spent in compliance with applicable law.
Any funds remaining in tax increment financing district no. 2 must be expended pursuant
to this section by December 31, 2015, or distributed as excess increments under Minnesota
Statutes, section 469.176, subdivision 2.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment,
upon approval by the governing body of the city of St. Cloud and compliance with
Minnesota Statutes, section 645.021, subdivision 3.
new text end