Bill Text: MN HF1169 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Ely; tax increment financing district collection extended, and expenditures allowed outside district modified.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2013-03-04 - Introduction and first reading, referred to Taxes [HF1169 Detail]
Download: Minnesota-2013-HF1169-Introduced.html
1.2relating to taxation; tax increment financing; extending period for city of Ely to
1.3collect increment; modifying expenditures allowed outside district.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. CITY OF ELY; TAX INCREMENT FINANCING.
1.6 Subdivision 1. Extension of district. Notwithstanding Minnesota Statutes, section
1.7469.176, subdivision 1b, or any other law, the city of Ely may collect tax increment from
1.8Tax Increment Financing District No. 1 through December 31, 2021.
1.9 Subd. 2. Expenditures outside district. Notwithstanding Minnesota Statutes,
1.10section 469.1763, subdivision 2, revenues derived from increments from Tax Increment
1.11Financing Districts Nos. 1 and 3 in the city of Ely may be spent on activities located
1.12outside of the districts to pay binding obligations entered into before the day following
1.13final enactment. The amount authorized under this subdivision is limited to an amount
1.14necessary to meet binding obligations of Tax Increment Financing Districts Nos. 1 and 3
1.15that cannot be paid by revenues derived from within the district.
1.16EFFECTIVE DATE.This section is effective upon approval by the governing
1.17body of the city of Ely with the requirements of Minnesota Statutes, sections 469.1782,
1.18subdivision 2, and 645.021, subdivision 3.
1.3collect increment; modifying expenditures allowed outside district.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. CITY OF ELY; TAX INCREMENT FINANCING.
1.6 Subdivision 1. Extension of district. Notwithstanding Minnesota Statutes, section
1.7469.176, subdivision 1b, or any other law, the city of Ely may collect tax increment from
1.8Tax Increment Financing District No. 1 through December 31, 2021.
1.9 Subd. 2. Expenditures outside district. Notwithstanding Minnesota Statutes,
1.10section 469.1763, subdivision 2, revenues derived from increments from Tax Increment
1.11Financing Districts Nos. 1 and 3 in the city of Ely may be spent on activities located
1.12outside of the districts to pay binding obligations entered into before the day following
1.13final enactment. The amount authorized under this subdivision is limited to an amount
1.14necessary to meet binding obligations of Tax Increment Financing Districts Nos. 1 and 3
1.15that cannot be paid by revenues derived from within the district.
1.16EFFECTIVE DATE.This section is effective upon approval by the governing
1.17body of the city of Ely with the requirements of Minnesota Statutes, sections 469.1782,
1.18subdivision 2, and 645.021, subdivision 3.
