SF 1896

as introduced - 90th Legislature (2017 - 2018) Posted on 03/09/2017 08:07am

A bill for an act
relating to tax increment financing; authorizing tax increment districts in the city
of Newport.

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

Section 1. new text begin WASHINGTON COUNTY; TAX INCREMENT FINANCING DISTRICT;
SPECIAL RULES.
new text end

new text begin (a) If Washington County elects, upon the adoption of a tax increment financing plan
for a district, the rules under this section apply to one or more tax increment financing
districts established by the county or the community development agency of the county.
The area within which the tax increment districts may be created is located in the city of
Newport and is south of marked Interstate Highway 494, north of 15th Street extended to
the Mississippi River, east of the Mississippi River, and west of marked Trunk Highway
61 and the adjacent rights-of-way and shall be referred to as the "Newport Red Rock Crossing
Project Area" or "project area."
new text end

new text begin (b) The requirements for qualifying a redevelopment district under Minnesota Statutes,
section 469.174, subdivision 10, do not apply to the parcels identified by parcel identification
numbers: 2602822440051, 260282244050, 260282244049, 260282244048, 2602822440046,
2602822440045, 260282244044, 2602822440043, 2602822440026, 2602822440025,
260282244024, and 2602822440023, which are deemed substandard for the purpose of
qualifying the district as a redevelopment district.
new text end

new text begin (c) Increments spent outside a district shall only be spent within the project area and on
costs described in Minnesota Statutes, section 469.176, subdivision 4j.
new text end

new text begin (d) Notwithstanding anything to the contrary in Minnesota Statutes, section 469.1763,
subdivision 2, paragraph (a), not more than 80 percent of the total revenue derived from tax
increments paid by properties in any district, measured over the life of the district, may be
expended on activities outside the district but within the project area. The five-year rule
under Minnesota Statutes, section 469.1763, subdivision 3, applies as if the limit is nine
years.
new text end

new text begin (e) The authority to approve a tax increment financing plan and to establish a tax
increment financing district under this section expires December 31, 2027.
new text end

new text begin (f) The use of revenues for decertification in Minnesota Statutes, section 469.1763,
subdivision 4, does not apply to the project area.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective and shall retroactively include the
redevelopment district in the project area approved by Washington County on November
8, 2016, upon approval by the governing body of the city of Newport and Washington
County and upon compliance by the county with Minnesota Statutes, section 645.021,
subdivision 3.
new text end