as introduced - 87th Legislature (2011 - 2012) Posted on 02/08/2012 11:55am
A bill for an act
relating to taxation; city of Apple Valley; authorizing use of tax increment
financing; extending authority.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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Notwithstanding Minnesota Statutes, section 469.176, subdivisions 4c and 4m, the city of
Apple Valley may use tax increment financing to provide improvements, loans, subsidies,
grants, interest rate subsidies, or assistance in any form to developments consisting of
buildings and ancillary facilities, if all of the following conditions are met:
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(1) the city of Apple Valley finds that the project will create or retain jobs in
Minnesota, including construction jobs;
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(2) the city of Apple Valley finds that construction of the project will not commence
before July 1, 2013, without the use of tax increment financing;
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(3) the request for certification of the district is made no later than June 30, 2013;
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(4) construction of the project begins no later than July 1, 2013; and
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(5) for development of housing, construction of the project begins no later than
December 31, 2012.
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Notwithstanding
Minnesota Statutes, section 469.176, subdivision 4m, the city of Apple Valley has the
authority to spend tax increments under Minnesota Statutes, section 469.176, subdivision
4m, until December 31, 2013.
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This section is effective the day following final enactment.
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