SF 2590

as introduced - 87th Legislature (2011 - 2012) Posted on 04/02/2012 09:05am

A bill for an act
relating to taxation; city of Forest Lake and the Forest Lake Economic
Development Authority; authorizing use of tax increment financing; extending
authority.

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

Section 1. new text begin CITY OF FOREST LAKE AND FOREST LAKE ECONOMIC
DEVELOPMENT AUTHORITY; TAX INCREMENT FINANCING DISTRICT.
new text end

new text begin Notwithstanding Minnesota Statutes, section 469.176, or any other law to the
contrary, the Forest Lake Economic Development Authority and the city of Forest Lake
may extend the duration of and collect tax increments from the Tax Increment Financing
District No. 21 through December 31, 2025, subject to the conditions described in section
2.
new text end

Sec. 2. new text begin CONDITIONS FOR EXTENSION.
new text end

new text begin All tax increments received by the Forest Lake Economic Development Authority
and the city of Forest Lake under section 1 after December 31, 2015, must be used
only to pay the costs that are both: (1) related to redevelopment of any of the parcels
with the following parcel identification numbers: 1703221120018; 1703221120019;
1703221120020; 1703221120021; 1703221120022; 1703221120023; 1703221120029;
1703221120001; 1703221120003; 0803221120116; 0803221120062; 0803221120061;
0803221120060; 0803221120063; 0803221120031; 0803221120032; 0803221120125;
0803221120126; 0503221430087; 0503221430090; 0503221430086; 0503221430093;
0503221430092; 0503221430091; and (2) otherwise eligible under law to be paid with
increments from the specified tax increment financing district.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon compliance by the governing
body of the Forest Lake Economic Development Authority and the city of Forest Lake
with the requirements of Minnesota Statutes, sections 469.1782, subdivision 2, and
645.021, subdivision 3.
new text end