as introduced - 92nd Legislature (2021 - 2022) Posted on 03/07/2022 03:02pm
|Introduction||Posted on 03/07/2022|
A bill for an act
relating to taxation; amending special rules for Hopkins Tax Increment Financing
District No. 2-11; amending Laws 2003, chapter 127, article 10, section 31,
subdivision 1, as amended.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Laws 2003, chapter 127, article 10, section 31, subdivision 1, as amended by
Laws 2008, chapter 366, article 5, section 21, and Laws 2019, First Special Session chapter
6, article 7, section 1, is amended to read:
(a) The governing body of the city of Hopkins may
elect to extend the duration of its redevelopment tax increment financing district 2-11 by
up to four additional years.
(b) Notwithstanding Minnesota Statutes, section 469.1763, subdivision 2, effective upon
approval of this subdivision, no increments may be spent on activities located outside of
the area of the district, other than:
(1) to pay administrative expenses, not to exceed ten percent of the total tax increments
from the district; or
(2) to pay the costs of housing or redevelopment activities that are consistent with
Minnesota Statutes, section 469.176, subdivision 4jdeleted text begin, provided that expenditures under this
clause may not exceed 20 percent of the total tax increments from the districtdeleted text end.
The total amount of increment that may be spent on activities located outside the area of
the district under this section shall be limited to deleted text begin25deleted text endnew text beginnew text end percent.
new text begin new text end