1.1                          A bill for an act 
  1.2             relating to tax increment financing; authorizing 
  1.3             duration extension of the housing and redevelopment 
  1.4             authority in and for Lake county. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [TAX INCREMENT FINANCING DISTRICT 1-2.] 
  1.7      Subdivision 1.  [DISTRICT EXTENSION.] (a) The commissioners 
  1.8   of the housing and redevelopment authority in and for Lake 
  1.9   county may elect to extend the duration of the authority's 
  1.10  redevelopment tax increment financing district 1-2 by up to 16 
  1.11  additional years. 
  1.12     (b) The amount of additional increment which may be paid to 
  1.13  the district as a result of this subdivision may not exceed: 
  1.14     (1) the increment that would have been collected if the 
  1.15  class rate changes and elimination of the state-determined 
  1.16  general education property tax levy had not been made under Laws 
  1.17  2001, First Special Session chapter 5, for the term of the 
  1.18  district under general law; less 
  1.19     (2) the actual increments collected for the term of the 
  1.20  district under general law. 
  1.21     Subd. 2.  [PUBLIC HEARING.] The authority may take action 
  1.22  under this section only after Lake county approves the action by 
  1.23  resolution after notice and public hearing. 
  1.24     <b>[EFFECTIVE DATE.]</b> This section is effective upon compliance 
  1.25  with the provisions of Minnesota Statutes, sections 469.1782, 
  2.1   subdivision 2, and 645.021.