SF 3729

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

1.1                                        A bill for an act
1.2     relating to tax increment financing; authorizing the city of Ramsey to establish a 
1.3     tax increment financing district subject to special rules.
1.4     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5         Section 1. CITY OF RAMSEY; TAX INCREMENT FINANCING.
1.6         Subdivision 1. Authority. The governing body of the city of Ramsey or a 
1.7     development authority established by the city may create a tax increment financing 
1.8     district, consisting of the property defined as outlot L, Ramsey Town Center Addition and 
1.9     lot 2, block 1, Ramsey Town Center Addition.
1.10        Subd. 2. Special rules. Establishment of the district is subject to the requirements 
1.11    of Minnesota Statutes, sections 469.174 to 469.1799 with the following exceptions:
1.12    (1) the district is deemed to be a redevelopment district without regard to the 
1.13    requirements of Minnesota Statutes, section 469.174, subdivision 10;
1.14    (2) the provisions of Minnesota Statutes, section 469.176, subdivision 7, do not 
1.15    apply to the district;
1.16    (3) housing receiving assistance, directly or indirectly, from the expenditures of the 
1.17    district's increments must meet the requirements of Minnesota Statutes, sections 469.174, 
1.18    subdivision 11, and 469.1761; and
1.19    (4) the district's increments must be used only to pay for costs related to the Sunwood 
1.20    on Grand project, including land acquisition, public infrastructure, parking ramps, and 
1.21    administrative expenses, whether paid directly to reimburse for payment of those costs or 
1.22    to repay bonds or other obligations issued and sold to pay those costs initially.
2.1     EFFECTIVE DATE.This section is effective upon local approval by the governing 
2.2     body of the city of Ramsey in compliance with the requirement of Minnesota Statutes, 
2.3     section 645.021.