SF 2531

as introduced - 90th Legislature (2017 - 2018) Posted on 08/24/2018 07:51am

A bill for an act
relating to taxation; tax increment financing; modifying tax increment financing
authority for the city of Champlin.

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

Section 1. new text begin CITY OF CHAMPLIN; TAX INCREMENT FINANCING DISTRICT;
PROJECT REQUIREMENTS.
new text end

new text begin Subdivision 1. new text end

new text begin Addition of parcels to district. new text end

new text begin The governing body of the city of
Champlin may expand the boundaries of Mississippi Crossings tax increment financing
district to include the real property identified as parcel numbers 19-120-21-31-0001,
19-120-21-31-0002, 19-120-21-31-0003, 19-120-21-31-0004, 19-120-21-31-0020,
19-120-21-31-0021, 19-120-21-31-0026, 19-120-21-31-0027, 19-120-21-31-0064,
19-120-21-31-0065, 19-120-21-31-0076, 19-120-21-31-0079, 19-120-21-31-0080,
19-120-21-31-0081, 19-120-21-42-0001, and adjacent roads and rights-of-way, in the city
of Champlin, Hennepin County, Minnesota, and such property is deemed to meet the
requirements of Minnesota Statutes, sections 469.174, subdivision 10, and 469.175,
subdivision 4.
new text end

new text begin Subd. 2. new text end

new text begin Eligible expenditures. new text end

new text begin Expenditures incurred in connection with the
development of the property described in subdivision 1 of this section are deemed to meet
the requirements of Minnesota Statutes, section 469.176, subdivision 4j. Expenditures for
the cost of land located within the Mississippi Crossings tax increment financing district
acquired by the city of Champlin or its economic development authority are eligible
expenditures of the revenues of the district notwithstanding Minnesota Statutes, section
469.178, subdivision 7, or any other law to the contrary.
new text end

new text begin Subd. 3. new text end

new text begin Five-year rule. new text end

new text begin The five-year rule under Minnesota Statutes, section 469.1763,
subdivision 3, is extended to a ten-year period for the Mississippi Crossings tax increment
financing district.
new text end

new text begin Subd. 4. new text end

new text begin Revenues for decertification. new text end

new text begin Minnesota Statutes, section 469.1763, subdivision
4, does not apply to the Mississippi Crossings tax increment financing district.
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, subdivisions 2 and 3.
new text end