SF 4303

as introduced - 91st Legislature (2019 - 2020) Posted on 03/12/2020 02:39pm

A bill for an act
relating to taxation; property and local; authorizing the city of Maple Plain to
establish a tax increment financing district.

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

Section 1. new text begin CITY OF MAPLE PLAIN; TAX INCREMENT FINANCING DISTRICT;
SPECIAL RULES.
new text end

new text begin Subdivision 1. new text end

new text begin Establishment. new text end

new text begin The city of Maple Plain may establish within PID numbers
2411824340069 and 2411824340028 a redevelopment tax increment financing district
subject to the special rules under subdivision 2.
new text end

new text begin Subd. 2. new text end

new text begin Special rules. new text end

new text begin If the city elects to adopt a tax increment financing plan and
establish a tax increment financing district, the following rules apply to the district:
new text end

new text begin (1) the district is deemed to meet all the requirements of Minnesota Statutes, section
469.174, subdivision 10; and
new text end

new text begin (2) the five-year rule under Minnesota Statutes, section 469.1763, subdivision 3, is
extended to a ten-year period.
new text end

new text begin Subd. 3. new text end

new text begin Expiration. new text end

new text begin The authority to approve a tax increment financing plan to establish
a tax increment financing district under this section expires December 31, 2025.
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 Maple Plain and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021.
new text end