473.680 TIF district for heavy maintenance facility.
Subdivision 1. Authorization. The commission may create a tax increment financing district as provided in this subdivision on property located at the Minneapolis-St. Paul International Airport. Except as otherwise provided in this section, the provisions of sections 469.174 to 469.179 apply to the district. The district shall consist of parcels on which the heavy maintenance facility described in section 473.667, subdivision 12, is proposed to be located. The commission is the "authority" for purposes of sections 469.174 to 469.179.
Subd. 2. Characteristics of the district. (a) The district shall be an economic development district as defined in section 469.174, subdivision 12.
(b) Notwithstanding section 469.176, subdivision 4c, the revenue derived from tax increment from the district must be used only to pay debt service on general obligation revenue bonds issued by the commission under section 473.667, subdivision 12.
HIST: 1991 c 350 art 2 s 6