469.149 AGREEMENTS FOR RESERVATION OF TAX INCREMENTS.
The authority may enter into an agreement with any county in which a project is to be
situated, or a county exercising the powers of an authority may adopt a resolution, under which an
agricultural resource project for which a conditional commitment for a loan guaranty has been
made by the state as provided in section
41A.04, subdivision 3, is a tax increment financing project
under sections
469.174 to
469.179 for so long as may be provided in the loan guaranty. The tax
increment from the agricultural resource project shall be remitted to the authority or to the county
for deposit and use in the loan guaranty fund of the state as provided in sections
41A.01 to
41A.06.
Notwithstanding section
469.154, the tax increment for an agricultural resource project shall be
discharged when either of the following occurs: (1) the loan obligation has been satisfied; or (2)
the amount in the project account equals the amount of the guaranteed portion of the outstanding
principal and interest on the guaranteed loan. Every county may, by resolution of the county
board, do all things necessary for the computation, segregation, and application of tax increments
under the loan guaranty in accordance with this section and sections
469.174 to
469.179.
History: 1987 c 291 s 150