SF 4107

as introduced - 91st Legislature (2019 - 2020) Posted on 03/10/2020 08:43am

A bill for an act
relating to taxation; tax increment financing; extending the five-year rule to ten
years.

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

Section 1. new text begin CITY OF MOUNTAIN LAKE; TIF DISTRICT NO. 1-8; FIVE-YEAR
RULE EXTENSION.
new text end

new text begin The requirement of Minnesota Statutes, section 469.1763, subdivision 3, that activities
must be undertaken within a five-year period from the date of certification of a tax increment
financing district, is considered to be met for Tax Increment Financing District No. 1-8,
administered by the city of Mountain Lake or its economic development authority, if activities
are undertaken within ten years of the district's certification.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day after the governing body of the
city of Mountain Lake and its chief clerical officer comply with Minnesota Statutes, section
645.021, subdivisions 2 and 3.
new text end