Bill Text: MN SF2149 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Canby tax increment financing (TIF) district establishment and increment use authorization
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2012-03-01 - Referred to Taxes [SF2149 Detail]
Download: Minnesota-2011-SF2149-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) Increment must be computed as provided under Minnesota Statutes, sections
1.10469.174 to 469.178, 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 the lesser of (1) 20 years after the receipt of the first increment or (2)
1.13one year after the city has received $175,000 in increment revenues from the district.
1.14(c) Notwithstanding any law to the contrary, the city may use the increments as
1.15reimbursement for its payment of principal and interest on bonds issued for Tax Increment
1.16Financing District No. 1-21.
1.17EFFECTIVE DATE.This section is effective the day following final enactment
1.18without local approval under the provisions of Minnesota Statutes, section 645.023,
1.19subdivision 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) Increment must be computed as provided under Minnesota Statutes, sections
1.10469.174 to 469.178, 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 the lesser of (1) 20 years after the receipt of the first increment or (2)
1.13one year after the city has received $175,000 in increment revenues from the district.
1.14(c) Notwithstanding any law to the contrary, the city may use the increments as
1.15reimbursement for its payment of principal and interest on bonds issued for Tax Increment
1.16Financing District No. 1-21.
1.17EFFECTIVE DATE.This section is effective the day following final enactment
1.18without local approval under the provisions of Minnesota Statutes, section 645.023,
1.19subdivision 1, paragraph (a).
