Bill Text: MN HF195 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Tax increments spending deadline extended.
Sponsorship: Partisan Bill (Democrat 2)
Status: (Introduced - Dead) 2011-02-01 - Referred by Chair to Property and Local Tax Division [HF195 Detail]
Download: Minnesota-2011-HF195-Introduced.html
1.2relating to economic development; extending the deadline for spending tax
1.3increments under certain conditions;amending Minnesota Statutes 2010, section
1.4469.176, subdivision 4m.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 469.176, subdivision 4m, is amended to
1.7read:
1.8 Subd. 4m. Temporary authority to stimulate construction. (a) Notwithstanding
1.9the restrictions in any other subdivision of this section or any other law to the contrary,
1.10except the requirement to pay bonds to which the increments are pledged and the
1.11provisions of subdivisions 4g and 4h, the authority may spend tax increments for one or
1.12more of the following purposes:
1.13(1) to provide improvements, loans, interest rate subsidies, or assistance in any
1.14form to private development consisting of the construction or substantial rehabilitation
1.15of buildings and ancillary facilities, if doing so will create or retain jobs in this state,
1.16including construction jobs, and that the construction commences before July 1,2011
1.172013, and would not have commenced before that date without the assistance; or
1.18(2) to make an equity or similar investment in a corporation, partnership, or limited
1.19liability company that the authority determines is necessary to make construction of a
1.20development that meets the requirements of clause (1) financially feasible.
1.21(b) The authority may undertake actions under the authority of this subdivision only
1.22after approval by the municipality of a written spending plan that specifically authorizes
1.23the authority to take the actions. The municipality shall approve the spending plan only
1.24after a public hearing after published notice in a newspaper of general circulation in
2.1the municipality at least once, not less than ten days nor more than 30 days prior to the
2.2date of the hearing.
2.3(c) The authority to spend tax increments under this subdivision expires December
2.431,2011 2013.
2.5EFFECTIVE DATE.This section is effective the day following final enactment.
1.3increments under certain conditions;amending Minnesota Statutes 2010, section
1.4469.176, subdivision 4m.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 469.176, subdivision 4m, is amended to
1.7read:
1.8 Subd. 4m. Temporary authority to stimulate construction. (a) Notwithstanding
1.9the restrictions in any other subdivision of this section or any other law to the contrary,
1.10except the requirement to pay bonds to which the increments are pledged and the
1.11provisions of subdivisions 4g and 4h, the authority may spend tax increments for one or
1.12more of the following purposes:
1.13(1) to provide improvements, loans, interest rate subsidies, or assistance in any
1.14form to private development consisting of the construction or substantial rehabilitation
1.15of buildings and ancillary facilities, if doing so will create or retain jobs in this state,
1.16including construction jobs, and that the construction commences before July 1,
1.172013, and would not have commenced before that date without the assistance; or
1.18(2) to make an equity or similar investment in a corporation, partnership, or limited
1.19liability company that the authority determines is necessary to make construction of a
1.20development that meets the requirements of clause (1) financially feasible.
1.21(b) The authority may undertake actions under the authority of this subdivision only
1.22after approval by the municipality of a written spending plan that specifically authorizes
1.23the authority to take the actions. The municipality shall approve the spending plan only
1.24after a public hearing after published notice in a newspaper of general circulation in
2.1the municipality at least once, not less than ten days nor more than 30 days prior to the
2.2date of the hearing.
2.3(c) The authority to spend tax increments under this subdivision expires December
2.431,
2.5EFFECTIVE DATE.This section is effective the day following final enactment.
