1.1                          A bill for an act 
  1.2             relating to tax increment financing; city of Fountain; 
  1.3             extending a tax increment financing district. 
  1.4   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.5      Section 1.  [CITY OF FOUNTAIN.] 
  1.6      Subdivision 1.  [TIF; DURATION EXTENSION.] The governing 
  1.7   body of the city of Fountain may extend the duration of tax 
  1.8   increment financing district 1-1 through December 31, 2008, 
  1.9   notwithstanding the provision of Minnesota Statutes, section 
  1.10  469.176, subdivision 1b.  The extension under this section is 
  1.11  intended to correct an error in calculation of the increment 
  1.12  after a division of a parcel in the tax increment financing 
  1.13  district.  As a result, the provisions of Minnesota Statutes, 
  1.14  section 469.1782, subdivision 1, do not apply to the district. 
  1.15     Subd. 2.  [EFFECTIVE DATE.] This section is effective the 
  1.16  day after the governing bodies of the city, county, and school 
  1.17  district, and their chief clerical officers, timely complete 
  1.18  their compliance with Minnesota Statutes, sections 469.1782, 
  1.19  subdivision 2; and 645.021, subdivisions 2 and 3.