1.1                          A bill for an act 
  1.2             relating to taxation; property; extending the time 
  1.3             period for certain property to be exempted for 
  1.4             economic development purposes; amending Minnesota 
  1.5             Statutes 1999 Supplement, section 272.02, subdivision 
  1.6             39. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section. 1.  Minnesota Statutes 1999 Supplement, section 
  1.9   272.02, subdivision 39, is amended to read: 
  1.10     Subd. 39.  [ECONOMIC DEVELOPMENT; PUBLIC PURPOSE.] The 
  1.11  holding of property by a political subdivision of the state for 
  1.12  later resale for economic development purposes shall be 
  1.13  considered a public purpose in accordance with subdivision 8 for 
  1.14  a period not to exceed eight 15 years.  The holding of property 
  1.15  by a political subdivision of the state for later resale (1) 
  1.16  which is purchased or held for housing purposes, or (2) which 
  1.17  meets the conditions described in section 469.174, subdivision 
  1.18  10, shall be considered a public purpose in accordance with 
  1.19  subdivision 8.  The governing body of the political subdivision 
  1.20  which acquires property which is subject to this subdivision 
  1.21  shall after the purchase of the property certify to the city or 
  1.22  county assessor whether the property is held for economic 
  1.23  development purposes or housing purposes, or whether it meets 
  1.24  the conditions of section 469.174, subdivision 10.  If the 
  1.25  property is acquired for economic development purposes and 
  1.26  buildings or other improvements are constructed after 
  2.1   acquisition of the property, and if more than one-half of the 
  2.2   floor space of the buildings or improvements which is available 
  2.3   for lease to or use by a private individual, corporation, or 
  2.4   other entity is leased to or otherwise used by a private 
  2.5   individual, corporation, or other entity the provisions of this 
  2.6   subdivision shall not apply to the property.  This subdivision 
  2.7   shall not create an exemption from section 272.01, subdivision 
  2.8   2; 272.68; 273.19; or 469.040, subdivision 3; or other provision 
  2.9   of law providing for the taxation of or for payments in lieu of 
  2.10  taxes for publicly held property which is leased, loaned, or 
  2.11  otherwise made available and used by a private person. 
  2.12     Sec. 2.  [EFFECTIVE DATE.] 
  2.13     Section 1 is effective beginning with assessment year 2000.