SF 2743

as introduced - 88th Legislature (2013 - 2014) Posted on 03/18/2014 09:42am

A bill for an act
relating to the city of Baxter; tax increment financing; adding parcels to district.

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

Section 1. new text begin CITY OF BAXTER; TAX INCREMENT FINANCING DISTRICT;
PROJECT REQUIREMENT.
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 Notwithstanding Minnesota Statutes,
sections 469.174, subdivision 12; 469.176, subdivision 4c; Laws 2010, chapter 216,
section 31; Laws 2011, chapter 112, article 11, section 13; or any other law to the contrary,
the governing body of the city of Baxter may elect to expand the boundaries of Isle Drive
Tax Increment Financing District to include the real property described as tax parcel
number 034120010010009 in the city of Baxter, Crow Wing County, Minnesota, and the
real property described as tax parcel numbers 010074300C00009 and 010074300D00009
in the city of Baxter, Crow Wing County, Minnesota.
new text end

new text begin Subd. 2. new text end

new text begin Original tax capacity of district. new text end

new text begin Upon addition of the property described
in subdivision 1 to the Isle Drive Tax Increment Financing District, the Crow Wing
County auditor shall increase the original tax capacity of Isle Drive Tax Increment
Financing District by the amount required by Minnesota Statutes, section 469.177, except
as provided in subdivision 3.
new text end

new text begin Subd. 3. new text end

new text begin Prior planned improvements. new text end

new text begin Minnesota Statutes, section 469.177,
subdivision 4, does not apply to the property described in subdivision 1 added to the Isle
Drive Tax Increment Financing District.
new text end

new text begin Subd. 4. new text end

new text begin Use of increments. new text end

new text begin Tax increments and other revenues derived from any
portion of Isle Drive Tax Increment Financing District, as expanded under this section,
may be used to reimburse or otherwise pay for allowable expenditures under the plan
budget for Isle Drive Tax Increment Financing District, as amended in accordance with
Minnesota Statutes, section 469.175, subdivision 4.
new text end

new text begin Subd. 5. new text end

new text begin Approval and effect of modification. new text end

new text begin If the governing body of the
city elects to exercise the authority provided in subdivision 1 to modify the district, the
following conditions apply:
new text end

new text begin (1) the city must comply with Minnesota Statutes, section 469.175, subdivision 4; and
new text end

new text begin (2) beginning with the subsequent calendar year, except as otherwise provided
in this section, the district is subject to the provisions of Minnesota Statutes, sections
469.174 to 469.1794, as if the request for certification of the entire district was made on
December 30, 2011, the date the original request for certification for the Isle Drive Tax
Increment Financing District was made.
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 Baxter and upon compliance by the city with Minnesota Statutes, section
645.021, subdivisions 2 and 3.
new text end