as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am
1.1 A bill for an act 1.2 relating to local government; providing a ceiling in 1.3 cities of the first class for percentage net tax 1.4 capacity in TIF districts above which a TIF moratorium 1.5 applies. 1.6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.7 Section 1. [TIF CEILING IN FIRST-CLASS CITIES.] 1.8 (a) A city of the first class must not have a total of more 1.9 than 13.5 percent of its net tax capacity within all the tax 1.10 increment financing districts in the city. A moratorium is 1.11 imposed on tax increment financing that would increase the total 1.12 net tax capacity within all the tax increment financing 1.13 districts in the city beyond 13.5 percent. 1.14 (b) A city that has a neighborhood revitalization program 1.15 under Minnesota Statutes, section 469.1831, is exempt from 1.16 paragraph (a).