Bill Text: MN HF314 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Canby; special tax increment financing district creation allowed.
Sponsorship: Partisan Bill (Republican 2)
Status: (Introduced - Dead) 2013-02-13 - Referred by Chair to Property and Local Tax Division [HF314 Detail]
Download: Minnesota-2013-HF314-Introduced.html
1.2relating to the city of Canby; allowing creation of a special tax increment
1.3financing district.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. TAX INCREMENT FINANCING; CITY OF CANBY.
1.6(a) The governing body of the city of Canby is authorized to establish a tax
1.7increment financing district consisting of all lots, blocks, and public rights-of-way in the
1.8Clapp Addition, City of Canby, Yellow Medicine County.
1.9(b) Increments must be computed as provided under Minnesota Statutes, sections
1.10469.174 to 469.1794, except the original tax capacity of the district equals zero and
1.11Minnesota Statutes, section 469.177, subdivision 1a, does not apply. The duration of the
1.12district is limited to 20 years after the receipt of the first increment.
1.13(c) Notwithstanding any law to the contrary, the city may use the increments as
1.14reimbursement for its payment of principal and interest on bonds issued for Tax Increment
1.15Financing District No. 1-21.
1.16EFFECTIVE DATE.This section is effective the day following final enactment
1.17without local approval under the provisions of Minnesota Statutes, section 645.023,
1.18subdivision 1, paragraph (a).
1.3financing district.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. TAX INCREMENT FINANCING; CITY OF CANBY.
1.6(a) The governing body of the city of Canby is authorized to establish a tax
1.7increment financing district consisting of all lots, blocks, and public rights-of-way in the
1.8Clapp Addition, City of Canby, Yellow Medicine County.
1.9(b) Increments must be computed as provided under Minnesota Statutes, sections
1.10469.174 to 469.1794, except the original tax capacity of the district equals zero and
1.11Minnesota Statutes, section 469.177, subdivision 1a, does not apply. The duration of the
1.12district is limited to 20 years after the receipt of the first increment.
1.13(c) Notwithstanding any law to the contrary, the city may use the increments as
1.14reimbursement for its payment of principal and interest on bonds issued for Tax Increment
1.15Financing District No. 1-21.
1.16EFFECTIVE DATE.This section is effective the day following final enactment
1.17without local approval under the provisions of Minnesota Statutes, section 645.023,
1.18subdivision 1, paragraph (a).
