1.1                          A bill for an act
  1.2             relating to the city of Brooklyn Center; specifying 
  1.3             class rates for certain tax increment financing 
  1.4             properties. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [BROOKLYN CENTER; CLASS RATES; TAX INCREMENT 
  1.7   FINANCING DISTRICTS.] 
  1.8      (a) The provisions of this section apply, notwithstanding 
  1.9   any contrary provisions of Minnesota Statutes, section 273.13, 
  1.10  to tax increment financing districts Nos. 2 and 3 in the city of 
  1.11  Brooklyn Center. 
  1.12     (b) The class rates for each parcel of property in the 
  1.13  district that is subject, in whole or part, to an agreement 
  1.14  establishing a minimum market value under Minnesota Statutes, 
  1.15  section 469.177, subdivision 8, are the class rates in effect 
  1.16  under Minnesota Statutes 1996, section 273.13, for property 
  1.17  taxes payable in 1997. 
  1.18     (c) The class rates under this section apply to each 
  1.19  assessment year that the agreement establishing a minimum market 
  1.20  value is effective, regardless of whether the market value of 
  1.21  the parcel is determined by the minimum market value under the 
  1.22  agreement or by the estimated market value and regardless of 
  1.23  whether the additional class rate reductions are enacted after 
  1.24  January 1, 1998. 
  1.25     Sec. 2.  [EFFECTIVE DATE.] 
  2.1      Section 1 is effective upon compliance by the governing 
  2.2   body of the city of Brooklyn Center with Minnesota Statutes, 
  2.3   section 645.021.  It applies beginning with the first assessment 
  2.4   year in which the city complies with section 645.021, if 
  2.5   compliance is completed by July 1 of the year.  If compliance is 
  2.6   completed after July 1, the section applies beginning with the 
  2.7   next assessment year.