SF 3492

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

  1.1                          A bill for an act 
  1.2             relating to tax increment financing; changing the 
  1.3             durational limits of economic development districts; 
  1.4             amending Minnesota Statutes 1998, section 469.176, 
  1.5             subdivision 1b. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1998, section 469.176, 
  1.8   subdivision 1b, is amended to read: 
  1.9      Subd. 1b.  [DURATION LIMITS; TERMS.] (a) No tax increment 
  1.10  shall in any event be paid to the authority 
  1.11     (1) after 25 years from date of receipt by the authority of 
  1.12  the first tax increment for a mined underground space 
  1.13  development district, 
  1.14     (2) after 15 years after receipt by the authority of the 
  1.15  first increment for a renewal and renovation district, 
  1.16     (3) after 20 years after receipt by the authority of the 
  1.17  first increment for a soils condition district, 
  1.18     (4) after nine years from the date of the after receipt, or 
  1.19  11 years from approval of the tax increment financing plan, 
  1.20  whichever is less, by the authority of the first increment for 
  1.21  an economic development district for which the request for 
  1.22  certification was made after May 31, 1993; and after eight years 
  1.23  after receipt by the authority of the first increment for an 
  1.24  economic development district for which the request for 
  1.25  certification was made before June 1, 1993, 
  2.1      (5) for a housing district or a redevelopment district, 
  2.2   after 20 years from the date of receipt by the authority of the 
  2.3   first tax increment by the authority pursuant to section 
  2.4   469.175, subdivision 1, paragraph (b); or, if no provision is 
  2.5   made under section 469.175, subdivision 1, paragraph (b), after 
  2.6   25 years from the date of receipt by the authority of the first 
  2.7   increment. 
  2.8      (b) For purposes of determining a duration limit under this 
  2.9   subdivision or subdivision 1e that is based on the receipt of an 
  2.10  increment, any increments from taxes payable in the year in 
  2.11  which the district terminates shall be paid to the authority.  
  2.12  This paragraph does not affect a duration limit calculated from 
  2.13  the date of approval of the tax increment financing plan or 
  2.14  based on the recovery of costs or to a duration limit under 
  2.15  subdivision 1c.  This paragraph does not supersede the 
  2.16  restrictions on payment of delinquent taxes in subdivision 1f. 
  2.17     Sec. 2.  [EFFECTIVE DATE.] 
  2.18     Section 1 is effective on May 1, 2000, and applies to any 
  2.19  economic development district that: 
  2.20     (1) is requested for certification after May 1, 2000; 
  2.21     (2) was requested for certification after July 31, 1979, 
  2.22  and as of May 1, 2000, has not reached its maximum duration 
  2.23  under the law in effect on the date the district was requested 
  2.24  for certification; or 
  2.25     (3) was requested for certification after July 31, 1979, 
  2.26  and the authority received tax increment from the county after 
  2.27  the duration limit calculated from the date of approval of the 
  2.28  plan, but within the duration limit if section 1 had been in 
  2.29  effect on the date the district was requested for certification.