SF 1676

as introduced - 87th Legislature (2011 - 2012) Posted on 06/14/2012 11:46am

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:

Section 1. new text begin CITY OF APPLE VALLEY; USE OF TAX INCREMENT FINANCING.
new text end

new text begin Subdivision 1. new text end

new text begin Developments consisting of building and ancillary facilities.
new text end

new text begin 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:
new text end

new text begin (1) the city of Apple Valley finds that the project will create or retain jobs in
Minnesota, including construction jobs;
new text end

new text begin (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;
new text end

new text begin (3) the request for certification of the district is made no later than June 30, 2013;
new text end

new text begin (4) construction of the project begins no later than July 1, 2013; and
new text end

new text begin (5) for development of housing, construction of the project begins no later than
December 31, 2012.
new text end

new text begin Subd. 2. new text end

new text begin Extension of authority to spend tax increments. new text end

new text begin 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.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end