Minnesota Session Laws - 1989, Regular Session

  

                         Laws of Minnesota 1989 

                        CHAPTER 237-S.F.No. 1278 
           An act relating to taxation; extending the duration of 
          a property tax exemption for land held for economic 
          development by the city of Hermantown; amending Laws 
          1988, chapter 719, article 19, section 31.  
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Laws 1988, chapter 719, article 19, section 31, 
is amended to read:  
    Sec. 31.  [CITY OF HERMANTOWN; PROPERTY TAXES ON LAND HELD 
FOR ECONOMIC DEVELOPMENT.] 
    Notwithstanding the time limitation contained in Minnesota 
Statutes 1986, section 272.02, subdivision 5, the holding of 
property that has been held for seven years as of August 1, 
1987, by the city of Hermantown for later resale for economic 
development purposes is a public purpose under Minnesota 
Statutes, section 272.02, subdivision 1, clause (7), for a 
period not to exceed 10 13 years.  This section does not apply 
if buildings or other improvements are constructed after 
acquisition of the property, and if more than one-half of the 
floor space of the buildings or improvements that is available 
for lease to or use by a private individual, corporation, or 
other entity is leased to or otherwise used by a private 
individual, corporation, or other entity.  This section does not 
create an exemption from Minnesota Statutes, section 272.01, 
subdivision 2; 272.68; 273.19; or 469.040, subdivision 3; or 
other provision of law providing for the taxation of or for 
payments in lieu of taxes for publicly held property which is 
leased, loaned, or otherwise made available and used by a 
private person.  
     Sec. 2.  [EFFECTIVE DATE.] 
     Section 1 is effective for taxes levied in 1989, payable in 
1990, and thereafter, and terminates effective for taxes levied 
in 1992, payable in 1993. 
    Presented to the governor May 19, 1989 
    Signed by the governor May 23, 1989, 5:58 p.m.