1999 Minnesota Statutes

     469.1766 Developer payments. 

    If the development agreement, other agreement, or 
 arrangement provides for the developer to repay all or part of 
 the assistance provided that was financed, directly or 
 indirectly, with revenues derived from tax increments, the 
 developer payments are subject to the restrictions imposed by 
 law on revenues derived from tax increments and may only be 
 spent for the purposes for which increments may be spent.  A 
 developer includes any beneficiary of assistance financed with 
 revenues derived from tax increments. 

    Assistance includes sales of property at less than the cost 
 of acquisition or fair market value, grants, ground or other 
 leases at less than fair market rent, interest rate subsidies, 
 utility service connections, roads, or other similar assistance 
 that otherwise would have been paid in whole or part by the 
 beneficiary. 

    HIST: 1993 c 375 art 14 s 16