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HF 1787

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/01/2021 04:12pm

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 03/01/2021

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4
1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 2.1 2.2 2.3 2.4 2.5
2.6 2.7 2.8

A bill for an act
relating to taxation; tax increment financing; creating special rules for the use of
tax increment in the city of Fridley.

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

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

new text begin Subdivision 1. new text end

new text begin Housing program uses. new text end

new text begin Notwithstanding Minnesota Statutes, section
469.176, subdivision 4j, or 469.1763, subdivision 2, or any law to the contrary, the governing
body of the city of Fridley or its development authority may elect to spend tax increments
from Tax Increment Financing District No. 20 on housing programs outside of the district.
The authorized housing programs include but are not limited to:
new text end

new text begin (1) the revolving rehab loan program;
new text end

new text begin (2) the multifamily improvement loan program;
new text end

new text begin (3) the mobile home improvement loan program;
new text end

new text begin (4) the last resort emergency deferred loan program;
new text end

new text begin (5) the senior deferred loan program;
new text end

new text begin (6) the down payment assistance loan program;
new text end

new text begin (7) the residential major project grant program;
new text end

new text begin (8) the residential paint rebate grant program; and
new text end

new text begin (9) the front door grant program.
new text end

new text begin Subd. 2. new text end

new text begin Decertification. new text end

new text begin The five-year rule under Minnesota Statutes, section 469.1763,
subdivision 3, and the use of revenues for decertification in Minnesota Statutes, section
469.1763, subdivision 4, do not apply to Tax Increment Financing District No. 20.
new text end

new text begin Subd. 3. new text end

new text begin Expiration. new text end

new text begin The authority to make the election under this section expires
December 31, 2023.
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 Fridley and its chief clerical officer comply with Minnesota Statutes, section 645.021,
subdivisions 2 and 3.
new text end