HF 1169

as introduced - 88th Legislature (2013 - 2014) Posted on 03/04/2013 02:00pm

A bill for an act
relating to taxation; tax increment financing; extending period for city of Ely to
collect increment; modifying expenditures allowed outside district.

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

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

new text begin Subdivision 1. new text end

new text begin Extension of district. new text end

new text begin Notwithstanding Minnesota Statutes, section
469.176, subdivision 1b, or any other law, the city of Ely may collect tax increment from
Tax Increment Financing District No. 1 through December 31, 2021.
new text end

new text begin Subd. 2. new text end

new text begin Expenditures outside district. new text end

new text begin Notwithstanding Minnesota Statutes,
section 469.1763, subdivision 2, revenues derived from increments from Tax Increment
Financing Districts Nos. 1 and 3 in the city of Ely may be spent on activities located
outside of the districts to pay binding obligations entered into before the day following
final enactment. The amount authorized under this subdivision is limited to an amount
necessary to meet binding obligations of Tax Increment Financing Districts Nos. 1 and 3
that cannot be paid by revenues derived from within the district.
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 Ely with the requirements of Minnesota Statutes, sections 469.1782,
subdivision 2, and 645.021, subdivision 3.
new text end