SF 5061

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/19/2024 09:25am

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

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

Section 1. new text begin TAX INCREMENT FINANCING; CITY OF MINNETONKA.
new text end

new text begin Subdivision 1. new text end

new text begin Establishment. new text end

new text begin The special rules provided in this section apply to the
renewal and renovation tax increment financing district established in 2021 by the Economic
Development Authority in and for the City of Minnetonka and the city of Minnetonka under
Minnesota Statutes, sections 469.174 to 469.1794.
new text end

new text begin Subd. 2. new text end

new text begin Requirements deemed met. new text end

new text begin The tax increment financing district is deemed
to meet the requirements of Minnesota Statutes, section 469.176, subdivision 4j.
new text end

new text begin Subd. 3. new text end

new text begin Eligible expenditures within district. new text end

new text begin (a) Eligible expenditures within the tax
increment financing district include but are not limited to: (1) infrastructure and roadway
improvements, including but not limited to sanitary sewer, water, storm sewer, and utility
improvements; (2) costs related to environmental remediation, soil correction, demolition,
and relocation; (3) site improvement costs; (4) land acquisition; (5) right-of-way acquisition
for road improvements; (6) surface and structured parking; (7) related administrative costs;
and (8) any expenditures detailed in the city of Minnetonka Final Alternative Urban Area
Review Opus Study Area, dated December 2020.
new text end

new text begin (b) The eligible expenditures described in paragraph (a) are deemed to meet the
requirements of Minnesota Statutes, section 469.176, subdivision 4j.
new text end

new text begin Subd. 4. new text end

new text begin Five-year rule. new text end

new text begin The requirements 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 the tax increment
financing district if the activities are undertaken within ten years from the date of certification
of the district.
new text end

new text begin Subd. 5. new text end

new text begin Six-year rule. new text end

new text begin The requirements of Minnesota Statutes, section 469.1763,
subdivision 4, do not apply to the tax increment district.
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 Minnetonka and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021, subdivisions 2 and 3.
new text end