Bill Text: MN HF608 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Temporary authority two-year extension provided to stimulate construction.
Sponsorship: Partisan Bill (Republican 2)
Status: (Introduced - Dead) 2013-03-06 - Author added FitzSimmons [HF608 Detail]
Download: Minnesota-2013-HF608-Introduced.html
1.2relating to tax increment financing; providing a two-year extension of the
1.3temporary authority to stimulate construction;amending Minnesota Statutes
1.42012, section 469.176, subdivision 4m.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2012, 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 1,2012
1.17 2014, 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 planthat specifically authorizes
1.23the authority to take the actions. The spending plan must contain a detailed description
1.24of each action to be undertaken. The municipality shall approve the spending plan only
2.1after a public hearing after published notice in a newspaper of general circulation in
2.2the municipality at least once, not less than ten days nor more than 30 days prior to the
2.3date of the hearing.
2.4(c) The authority to spend tax increments under this subdivision expires December
2.531,2012 2014.
2.6(d) For a development consisting of housing, the authority to spend tax increments
2.7under this subdivision expires December 31, 2011, and construction must commence
2.8before July 1, 2011, except the authority to spend tax increments on market rate housing
2.9developments under this subdivision expires July 31,2012 2014, and construction must
2.10commence before January 1,2012 2014.
2.11EFFECTIVE DATE.This section is effective the day following final enactment
2.12and applies to all tax increment financing districts, regardless of when the request for
2.13certification was made.
1.3temporary authority to stimulate construction;amending Minnesota Statutes
1.42012, section 469.176, subdivision 4m.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2012, 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,
1.17 2014, 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
1.23
1.24of each action to be undertaken. The municipality shall approve the spending plan only
2.1after a public hearing after published notice in a newspaper of general circulation in
2.2the municipality at least once, not less than ten days nor more than 30 days prior to the
2.3date of the hearing.
2.4(c) The authority to spend tax increments under this subdivision expires December
2.531,
2.6(d) For a development consisting of housing, the authority to spend tax increments
2.7under this subdivision expires December 31, 2011, and construction must commence
2.8before July 1, 2011, except the authority to spend tax increments on market rate housing
2.9developments under this subdivision expires July 31,
2.10commence before January 1,
2.11EFFECTIVE DATE.This section is effective the day following final enactment
2.12and applies to all tax increment financing districts, regardless of when the request for
2.13certification was made.
