SF 3425

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to the city of Mendota Heights; permitting 
  1.3             continuation of tax increment financing district No. 1.
  1.4   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.5      Section 1.  [MENDOTA HEIGHTS TAX INCREMENT FINANCING 
  1.6   DISTRICT.] 
  1.7      Subdivision 1.  [CONTINUATION OF DISTRICT.] Notwithstanding 
  1.8   the provisions of Minnesota Statutes, section 469.1764, or any 
  1.9   other law, tax increment financing district No. 1 established by 
  1.10  the city of Mendota Heights in 1981 shall continue in effect for 
  1.11  its original authorized duration, subject to the condition that, 
  1.12  except for expenditures to pay preexisting obligations described 
  1.13  in Minnesota Statutes, section 469.1764, subdivision 5, clauses 
  1.14  (b) and (c), all future expenditures of tax increment shall not 
  1.15  exceed $4,500,000 and shall be limited to the city's freeway 
  1.16  road project substantially as described in the city's 
  1.17  application for a grant from the livable communities 
  1.18  demonstration account of the metropolitan livable communities 
  1.19  fund. 
  1.20     Subd. 2.  [EFFECTIVE DATE.] This act is effective the day 
  1.21  after compliance with Minnesota Statutes, section 645.021, 
  1.22  subdivision 3.