1.1                          A bill for an act 
  1.2             relating to taxation; extending the deadline for 
  1.3             applications for certain urban revitalization and 
  1.4             stabilization zone tax benefits; amending Laws 1995, 
  1.5             chapter 255, article 3, section 2, subdivision 1, as 
  1.6             amended. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Laws 1995, chapter 255, article 3, section 2, 
  1.9   subdivision 1, as amended by Laws 1996, chapter 464, article 4, 
  1.10  section 1, Laws 1997, chapter 231, article 5, section 16, and 
  1.11  Laws 1998, chapter 389, article 6, section 17, is amended to 
  1.12  read: 
  1.13     Subdivision 1.  [URBAN REVITALIZATION AND STABILIZATION 
  1.14  ZONES.] (a) By September 1, 1995, the metropolitan council shall 
  1.15  designate one or more urban revitalization and stabilization 
  1.16  zones in the metropolitan area, as defined in section 473.121, 
  1.17  subdivision 2.  The designated zones must contain no more than 
  1.18  1,000 single family homes in total.  In designating urban 
  1.19  revitalization and stabilization zones, the council shall choose 
  1.20  areas that are in transition toward blight and poverty.  The 
  1.21  council shall use indicators that evidence increasing 
  1.22  neighborhood distress such as declining residential property 
  1.23  values, declining resident incomes, declining rates of 
  1.24  owner-occupancy, and other indicators of blight and poverty in 
  1.25  determining which areas are to be urban revitalization and 
  1.26  stabilization zones. 
  2.1      (b) An urban revitalization and stabilization zone is 
  2.2   created in the geographic area composed entirely of parcels that 
  2.3   are in whole or in part located within the 1996 65Ldn contour 
  2.4   surrounding the Minneapolis-St. Paul International Airport, or 
  2.5   within one mile of the boundaries of the 1996 65Ldn contour.  
  2.6   For residents of the zone created under this paragraph, 
  2.7   eligibility for the program as provided in subdivision 2 is 
  2.8   limited to persons buying and occupying a residence in the zone 
  2.9   after June 1, 1996, who have entered into purchase agreements 
  2.10  related to those homes before July 1, 1997.  Initial 
  2.11  applications for the homesteading program in this paragraph 
  2.12  shall not be accepted after December 31, 1998 2000. 
  2.13     Sec. 2.  [EFFECTIVE DATE.] 
  2.14     Section 1 is effective the day following final enactment.