SF 2804

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; authorizing establishment of a 
  1.3             tax increment financing district in the city of Coon 
  1.4             Rapids that is exempt from certain requirements. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [CITY OF COON RAPIDS; TAX INCREMENT FINANCING 
  1.7   DISTRICT.] 
  1.8      Subdivision 1.  [AUTHORIZATION.] The economic development 
  1.9   authority for the city of Coon Rapids may establish a tax 
  1.10  increment financing district that is an economic development 
  1.11  district as defined in Minnesota Statutes, section 469.174, 
  1.12  subdivision 12, consisting of that portion of tax increment 
  1.13  financing district 2-3 located southerly of trunk highway 10/47 
  1.14  and other property in the immediate vicinity.  The district 
  1.15  shall be established under and subject to Minnesota Statutes, 
  1.16  sections 469.174 to 469.179 except that: 
  1.17     (1) the use of tax increments from the district is limited 
  1.18  to the reconstruction and upgrading of existing roadways and the 
  1.19  construction of storm drain facilities within the project area 
  1.20  required for the development of properties in the district; 
  1.21     (2) Minnesota Statutes, section 273.1399, does not apply to 
  1.22  the district; 
  1.23     (3) the city shall pay at least ten percent of the project 
  1.24  costs relating to the district from its general fund, property 
  1.25  tax levy, or other unrestricted money and not from tax increment 
  2.1   revenues; 
  2.2      (4) Minnesota Statutes, sections 469.176, subdivision 4c, 
  2.3   and 469.177, subdivision 1, paragraph (f), do not apply to the 
  2.4   district; and 
  2.5      (5) the duration of the district shall be up to 15 years 
  2.6   after receipt of the first increment and the city may elect to 
  2.7   waive receipt of part or all of the first year of increment. 
  2.8      Subd. 2.  [LOCAL APPROVAL.] This section is effective upon 
  2.9   the compliance by the governing body of the city of Coon Rapids 
  2.10  with Minnesota Statutes, section 645.021, subdivision 2.