SF 3078

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to tax increment financing; modifying 
  1.3             restrictions on redevelopment tax increment financing 
  1.4             districts located within the seven-city coalition; 
  1.5             appropriating money for grants to certain districts.  
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [REDEVELOPMENT DISTRICTS; SEVEN-CITY 
  1.8   COALITION.] 
  1.9      Subdivision 1.  [QUALIFYING DISTRICT.] "Qualifying district"
  1.10  means a redevelopment tax increment financing district: 
  1.11     (1) that is located in the area included in the following 
  1.12  cities of the seven-city coalition:  Arden Hills, Blaine, Circle 
  1.13  Pines, Mounds View, New Brighton, Roseville, or Shoreview; and 
  1.14     (2) whose tax increment financing plan requires that 
  1.15  parcels included in the district that are sold by the authority 
  1.16  must be sold at fair market value.  
  1.17     Subd. 2.  [APPLICABLE PROVISIONS.] Notwithstanding any 
  1.18  other law to the contrary, for a qualifying district:  
  1.19     (1) the requirements of Minnesota Statutes, section 
  1.20  469.1763, subdivision 2, paragraph (c), do not apply; and 
  1.21     (2) the five-year limitation in Minnesota Statutes, section 
  1.22  469.1763, subdivision 3, is extended to a ten-year period. 
  1.23     Sec. 2.  [APPROPRIATION.] 
  1.24     $....... is appropriated to the commissioner of revenue to 
  1.25  make additional grants to cities for deficits in tax increment 
  2.1   financing districts as provided in Laws 1997, chapter 231, 
  2.2   article 1, section 19.  The money appropriated under this 
  2.3   section is available until expended. 
  2.4      Sec. 3.  [EFFECTIVE DATE.] 
  2.5      Section 1 is effective the day following final enactment 
  2.6   and applies to qualifying districts regardless of the date of 
  2.7   certification.