SF 3758

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

A bill for an act
relating to tax increment financing; authorizing the city of Bloomington to extend
the duration of two districts.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin CITY OF BLOOMINGTON; TIF EXTENSION.
new text end

new text begin Notwithstanding the provisions of Minnesota Statutes, section 469.176, or Laws
1996, chapter 464, article 1, section 8, or any other law to the contrary, the city of
Bloomington and its port authority may elect to extend the duration limits of the following
tax increment financing districts by an additional number of years up to the specified
periods of time:
new text end

new text begin (1) tax increment financing district No. 1-C, containing the Mall of America
development, for a period up through December 31, 2035; and
new text end

new text begin (2) tax increment financing district No. 1-G, containing the former Met Center
property, for a period up through December 31, 2038.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon compliance by the governing
body of the city of Bloomington with the requirements of Minnesota Statutes, section
645.021, and by the governing bodies of the county, city, and school district as required
by Minnesota Statutes, section 469.1782, subdivision 2.
new text end