SF 2796

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to tax increment financing; modifying the 
  1.3             deficit reduction provisions; amending Minnesota 
  1.4             Statutes 2001 Supplement, section 469.1792, 
  1.5             subdivision 1. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2001 Supplement, section 
  1.8   469.1792, subdivision 1, is amended to read: 
  1.9      Subdivision 1.  [SCOPE.] This section applies only to an 
  1.10  authority with a preexisting district for which: 
  1.11     (1)(i) the increments from the district were insufficient 
  1.12  to pay preexisting obligations as a result of the class rate 
  1.13  changes or the elimination of the state-determined general 
  1.14  education property tax levy under this act, or both; or 
  1.15     (ii) (2)(i) the development authority has a binding 
  1.16  contract with a person requiring the authority to pay to the 
  1.17  person an amount that may not exceed the increment from the 
  1.18  district or a specific development within the district and as a 
  1.19  result of the reduction in increment because of the class rate 
  1.20  changes or the elimination of the state-determined general 
  1.21  education property tax levy under this act, or both,; and 
  1.22     (ii) the authority is unable to pay the full amount under 
  1.23  the contract from the pledged increments or other increments 
  1.24  from the district that would have been due if the class rate 
  1.25  changes or elimination of the state-determined general education 
  2.1   property tax levy or both had not been made under Laws 2001, 
  2.2   First Special Session chapter 5; and 
  2.3      (2) the municipality exercised its full authority to pool 
  2.4   under section 469.1763, subdivision 6, and the transfer of 
  2.5   increments did not eliminate the insufficiency under clause (1), 
  2.6   item (i), or the inability to pay the full amount under clause 
  2.7   (1), item (ii). 
  2.8      [EFFECTIVE DATE.] This section is effective for actions 
  2.9   taken and resolutions approved after June 30, 2002.