1.1                          A bill for an act 
  1.2             relating to tax increment financing; authorizing the 
  1.3             establishment of a redevelopment tax increment 
  1.4             financing district to finance the capital costs of 
  1.5             constructing the Minneapolis central library. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [REDEVELOPMENT DISTRICT FOR MINNEAPOLIS CENTRAL 
  1.8   LIBRARY.] 
  1.9      Subdivision 1.  [AUTHORIZATION.] Upon approval of the 
  1.10  governing body of the city of Minneapolis by resolution, the 
  1.11  Minneapolis community development agency may establish a 
  1.12  redevelopment tax increment financing district to finance the 
  1.13  construction of the Minneapolis central library.  The district 
  1.14  is a redevelopment district subject to Minnesota Statutes, 
  1.15  sections 469.174 to 469.179, except as provided in this section.
  1.16     Subd. 2.  [DISTRICT AREA.] If approved, the boundaries of 
  1.17  the district are as follows: 
  1.18     Starting at the point of intersection of the southeasterly 
  1.19     line of Marquette Avenue and the southwesterly line of 
  1.20     Fifth Street South, thence northwesterly along the 
  1.21     southwesterly line of Fifth Street South to its 
  1.22     intersection with the northwesterly line of Nicollet Mall, 
  1.23     thence northeasterly along the northwesterly line of 
  1.24     Nicollet Mall to its intersection with the southwesterly 
  1.25     line of Fourth Street South, thence northwesterly along the 
  2.1      southwesterly line of Fourth Street South to its 
  2.2      intersection with the northwesterly line of Hennepin 
  2.3      Avenue, thence northeasterly along the northwesterly line 
  2.4      of Hennepin Avenue to its intersection with the 
  2.5      northeasterly line of Washington Avenue, thence 
  2.6      southeasterly along the northeasterly line of Washington 
  2.7      Avenue to its intersection with the southeasterly line of 
  2.8      Nicollet Mall, extended, thence southwesterly along the 
  2.9      southeasterly line of Nicollet Mall to its intersection 
  2.10     with the northeasterly line of Third Street South, thence 
  2.11     southeasterly along the northeasterly line of Third Street 
  2.12     South to its intersection with the southeasterly line of 
  2.13     Marquette Avenue, thence southwesterly along the 
  2.14     southeasterly line of Marquette Avenue to the point of 
  2.15     beginning.  All in the City of Minneapolis, County of 
  2.16     Hennepin. 
  2.17     Subd. 3.  [ORIGINAL NET TAX CAPACITY.] Notwithstanding 
  2.18  Minnesota Statutes, section 469.174, subdivision 7, the original 
  2.19  net tax capacity of the district, as of the date the authority 
  2.20  certifies to the county auditor that the authority has entered 
  2.21  into a redevelopment or other agreement for rehabilitation of 
  2.22  the site or remediation of hazardous substances, is zero.  
  2.23     Subd. 4.  [EXCEPTIONS TO APPLICABILITY OF GENERAL LAW.] (a) 
  2.24  Notwithstanding the requirements of Minnesota Statutes, section 
  2.25  469.174, subdivision 10, the district is a redevelopment 
  2.26  district. 
  2.27     (b) Minnesota Statutes, section 469.176, subdivisions 4g 
  2.28  and 4j do not apply to tax increment revenue generated by the 
  2.29  district. 
  2.30     (c) Minnesota Statutes, section 469.1782, subdivision 1, 
  2.31  does not apply to the district. 
  2.32     Subd. 5.  [DURATION OF DISTRICT.] Notwithstanding the 
  2.33  provisions of Minnesota Statutes, section 469.176, subdivision 
  2.34  1b, no tax increment may be paid to the authority after 30 years 
  2.35  from the date of receipt by the authority of the first increment.
  2.36     Subd. 6.  [EFFECTIVE DATE.] This section is effective upon 
  3.1   compliance with Minnesota Statutes, sections 469.1782, 
  3.2   subdivision 2, and 645.021, subdivision 3.