SF 610

as introduced - 88th Legislature (2013 - 2014) Posted on 02/22/2013 08:48am

A bill for an act
relating to tax increment financing; extending the four-year rule for certain
districts; amending Minnesota Statutes 2012, section 469.176, subdivision 6.

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

Section 1.

Minnesota Statutes 2012, section 469.176, subdivision 6, is amended to read:

Subd. 6.

Action required.

(a) If, after four years from the date of certification of
the original net tax capacity of the tax increment financing district pursuant to section
469.177, no demolition, rehabilitation, or renovation of property or other site preparation,
including qualified improvement of a street adjacent to a parcel but not installation
of utility service including sewer or water systems, has been commenced on a parcel
located within a tax increment financing district by the authority or by the owner of the
parcel in accordance with the tax increment financing plan, no additional tax increment
may be taken from that parcel, and the original net tax capacity of that parcel shall be
excluded from the original net tax capacity of the tax increment financing district. If the
authority or the owner of the parcel subsequently commences demolition, rehabilitation,
or renovation or other site preparation on that parcel including qualified improvement of
a street adjacent to that parcel, in accordance with the tax increment financing plan, the
authority shall certify to the county auditor that the activity has commenced, and the
county auditor shall certify the net tax capacity thereof as most recently certified by the
commissioner of revenue and add it to the original net tax capacity of the tax increment
financing district. The county auditor must enforce the provisions of this subdivision. The
authority must submit to the county auditor evidence that the required activity has taken
place for each parcel in the district. The evidence for a parcel must be submitted by
February 1 of the fifth year following the year in which the parcel was certified as included
in the district. For purposes of this subdivision, qualified improvements of a street are
limited to (1) construction or opening of a new street, (2) relocation of a street, and (3)
substantial reconstruction or rebuilding of an existing street.

(b) For districts which were certified on or after January 1, 2005, and before April
20, 2009, the four-year period under paragraph (a) is deleted text begin increased to six years deleted text end new text begin deemed to end
on December 31, 2016 new text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment
and applies to districts certified on or after January 1, 2005, and before April 20, 2009.
new text end