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HF 2412

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/02/2023 02:12pm

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

Bill Text Versions

Engrossments
Introduction Posted on 03/02/2023

Current Version - as introduced

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A bill for an act
relating to taxation; tax increment financing; authorizing tax increment financing
districts under special rules in the city of Duluth.

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

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

new text begin Subdivision 1. new text end

new text begin Establishment. new text end

new text begin Under the special rules established in subdivision 2, the
economic development authority of the city of Duluth or the city of Duluth may establish
one or more redevelopment districts located wholly within the area of the city of Duluth,
St. Louis County, Minnesota, limited to the area classified as the Medical Regional Exchange
District and East 1st Street Corridor as bounded by: East 6th Street from North 3rd Avenue
East to North 7th Avenue East; North 7th Avenue East from East 6th Street to East 3rd
Street; East 3rd Street from North 7th Avenue East to North 12th Avenue East; North 12th
Avenue East from East 3rd Street straight through the Duluth Rose Garden to the Lake
Superior Waterfront; the Lake Superior waterfront from the Duluth Rose Garden at North
12th Avenue East to Lake Place Park at North 3rd Avenue East; North 3rd Avenue East
from Lake Place Park at the Lake Superior waterfront to East Superior Street; East Superior
Street from North 3rd Avenue East to North Lake Avenue; North Lake Avenue from East
Superior Street to East 2nd Street; East 2nd Street from North Lake Avenue to North 3rd
Avenue East.
new text end

new text begin Subd. 2. new text end

new text begin Special rules. new text end

new text begin If the city or authority establishes a redevelopment tax increment
financing district under this section, the requirements, definitions, limitations, or restrictions
in the following statutes do not apply: Minnesota Statutes, sections 469.174, subdivision
10; and 469.176, subdivisions 4j, 4l, and 5; 469.1763, subdivisions 2, 3, and 4.
new text end

new text begin Subd. 3. new text end

new text begin Expiration. new text end

new text begin The provisions of subdivision 2 expire for increment expended
after December 31, 2051. After that date, the provisions of Minnesota Statutes, section
469.1763, subdivision 4, apply to any remaining unspent or unobligated increment.
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 Duluth and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021, subdivisions 2 and 3.
new text end