SF 690

as introduced - 90th Legislature (2017 - 2018) Posted on 02/07/2017 08:56am

A bill for an act
relating to taxation; tax increment financing; modifying special rules for the city
of St. Louis Park tax increment financing district.

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

Section 1. new text begin CITY OF ST. LOUIS PARK; TAX INCREMENT FINANCING.
new text end

new text begin Notwithstanding Minnesota Statutes, section 469.1763, or any other law to the contrary,
the city of St. Louis Park and the Economic Development Authority in and for the city of
St. Louis Park, may use all increment generated from the extended duration of the Elmwood
Village Tax Increment Financing District, as authorized by Laws 2009, chapter 88, article
5, section 19, for the purpose of financing infrastructure improvements within or adjacent
to the district.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon compliance by the governing body
of the city of St. Louis Park with the requirements of Minnesota Statutes, sections 469.1782,
subdivision 2, and 645.021, subdivision 3.
new text end