SF 4586

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/05/2024 10:04am

A bill for an act
relating to taxation; tax increment financing; providing special tax increment
financing authority for the city of Brooklyn Center.

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

Section 1. new text begin CITY OF BROOKLYN CENTER; TIF AUTHORITY.
new text end

new text begin Subdivision 1. new text end

new text begin Establishment. new text end

new text begin Under the special rules established in subdivision 2, the
economic development authority of the city of Brooklyn Center or the city of Brooklyn
Center may establish one or more redevelopment tax increment financing districts located
wholly within the area in the city identified as the "Opportunity Site," which includes the
area bounded by Shingle Creek Parkway from Hennepin County State-Aid Highway 10 to
Summit Drive North; Summit Drive North from Shingle Creek Parkway to marked Trunk
Highway 100; marked Trunk Highway 100 from Summit Drive North to Hennepin County
State-Aid Highway 10; and Hennepin County State-Aid Highway 10 from marked Trunk
Highway 100 to Shingle Creek Parkway, together with internal and adjacent roads and rights
of way.
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 or the authority establishes a tax increment financing
district under this section, the following special rules apply:
new text end

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

new text begin (2) Minnesota Statutes, section 469.176, subdivision 4j, does not apply to the district;
and
new text end

new text begin (3) increment generated from the district may be expended on activities within the area
described in subdivision 1 and all such expenditures are deemed expended on activities
within the district for purposes of Minnesota Statutes, section 469.1763.
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 on December 31, 2030.
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 Brooklyn Center and its chief clerical officer comply with the requirements of
Minnesota Statutes, section 645.021, subdivisions 2 and 3.
new text end