SF 3771

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; establishing an 
  1.3             original net tax capacity for a housing district to be 
  1.4             created within the city of Minneapolis. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [MINNEAPOLIS COMMUNITY DEVELOPMENT AGENCY; 
  1.7   HOUSING DISTRICT.] 
  1.8      Subdivision 1.  [AUTHORIZATION.] Upon approval of the 
  1.9   governing body of the city of Minneapolis, the Minneapolis 
  1.10  community development agency may establish a housing tax 
  1.11  increment financing district comprised of the property 
  1.12  identified as property identification number 27-029-24-34-0025, 
  1.13  known as 215 Oak Grove Street. 
  1.14     Subd. 2.  [ORIGINAL NET TAX CAPACITY.] Notwithstanding the 
  1.15  provisions of Minnesota Statutes, sections 469.174, subdivision 
  1.16  7, and 469.177, subdivision 1, the original net tax capacity of 
  1.17  the district shall be zero. 
  1.18     Subd. 3.  [EFFECTIVE DATE.] This section is effective upon 
  1.19  compliance by the city of Minneapolis with the requirements of 
  1.20  Minnesota Statutes, section 645.021, subdivisions 2 and 3.