SF 1872

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to the city of Fridley; authorizing a tax increment financing district.

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

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

new text begin (a) If the city elects upon the adoption of a tax increment financing plan for a district,
the rules under this section apply to a redevelopment tax increment financing district
established by the city of Fridley or the housing and redevelopment authority of the city.
The redevelopment tax increment district includes the following parcels and adjacent
railroad property and shall be referred to as the Northstar Transit Station District: parcel
numbers 223024120010, 223024120009, 223024120017, 223024120016, 223024120018,
223024120012, 223024120011, 223024120005, 223024120004, 223024120003,
223024120013, 223024120008, 223024120007, 223024120006, 223024130005,
223024130010, 223024130011, 223024130003, 153024440039, 153024440037,
153024440041, 153024440042, 223024110013, 223024110016, 223024110017,
223024140008, 223024130002, 223024420004, 223024410002, 223024410003,
223024110008, 223024110007, 223024110019, 223024110018, 223024110003,
223024140003, 223024140009, 223024140002, 223024140010, and 223024410007.
new text end

new text begin (b) The requirements for qualifying a redevelopment tax increment district under
Minnesota Statutes, section 469.174, subdivision 10, do not apply to the parcels located
within the Northstar Transit Station District, which are deemed eligible for inclusion
in a redevelopment tax increment district.
new text end

new text begin (c) In addition to the costs permitted by Minnesota Statutes, section 469.176,
subdivision 4j, eligible expenditures within the Northstar Transit Station District include
those costs necessary to provide for the development or expanded use of a transfer station.
For purposes of this subdivision, transfer station means a physical structure or designated
area that supports the interconnection of various transportation modes, including light
rail, commuter rail, and bus rapid transit, and that promotes and achieves the loading,
discharging, and transporting of people.
new text end

new text begin (d) Notwithstanding the provisions of Minnesota Statutes, section 469.1763,
subdivision 2, the city of Fridley may expend increments generated from its tax increment
financing districts numbers 11, 12, and 13 for costs permitted by paragraph (c) and
Minnesota Statutes, section 469.176, subdivision 4j, outside the boundaries of tax
increment financing districts numbers 11, 12, and 13, but only within the Northstar
Transit Station District.
new text end

new text begin (e) The five-year rule under Minnesota Statutes, section 469.1763, subdivision 3,
does not apply to the Northstar Transit Station District or to tax increment financing
districts numbers 11, 12, and 13.
new text end

new text begin (f) The use of revenues for decertification under Minnesota Statutes, section
469.1763, subdivision 4, does not apply to tax increment financing districts numbers
11, 12, and 13.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon approval by the governing body
of the city of Fridley and upon compliance by the city with Minnesota Statutes, section
645.021, subdivision 3.
new text end