SF 474

as introduced - 93rd Legislature (2023 - 2024) Posted on 06/13/2023 10:52am

A bill for an act
relating to taxation; tax increment financing; providing special rules for the city
of Woodbury.

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

Section 1. new text begin CITY OF WOODBURY; TAX INCREMENT FINANCING DISTRICT
NO. 13; EXPENDITURES ALLOWED; DURATION EXTENSION.
new text end

new text begin (a) Notwithstanding Minnesota Statutes, section 469.1763, subdivision 2, or any other
law to the contrary, the city of Woodbury may expend increments generated from Tax
Increment Financing District No. 13 for the maintenance, and facility and infrastructure
upgrades to Central Park. All such expenditures are deemed expended on activities within
the district.
new text end

new text begin (b) Notwithstanding Minnesota Statutes, section 469.176, subdivision 1b, the city of
Woodbury may elect to extend the duration of Tax Increment Financing District No. 13 by
five years.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin Paragraph (a) is effective the day after the governing body of the
city of Woodbury and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021, subdivisions 2 and 3. Paragraph (b) is effective upon compliance
by the city of Woodbury, Washington County, and Independent School District No. 833
with the requirements of Minnesota Statutes, section 469.1782, subdivision 2.
new text end