Bill Text: MN SF592 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Glencoe tax increment financing (TIF) district extension authorization
Sponsorship: Partisan Bill (Republican 1)
Status: (Introduced - Dead) 2013-02-21 - Referred to Taxes [SF592 Detail]
Download: Minnesota-2013-SF592-Introduced.html
1.2relating to the city of Glencoe; extending tax increment financing district.
1.3BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.4 Section 1. CITY OF GLENCOE; TAX INCREMENT FINANCING DISTRICT
1.5EXTENSION.
1.6 Subdivision 1. Duration of district. Notwithstanding the provisions of Minnesota
1.7Statutes, section 469.176, subdivision 1b, paragraph (a), clause (4), or any other law to
1.8the contrary, the city of Glencoe may collect tax increments from tax increment financing
1.9district No. 4 (McLeod County District No. 007) through December 31, 2023, subject to
1.10the conditions in subdivision 2.
1.11 Subd. 2. Exclusive use of revenues. All tax increments derived from tax increment
1.12financing district No. 4 (McLeod County District No. 007) that are collected after
1.13December 31, 2013, must be used only to pay debt service on outstanding bonds issued to
1.14finance improvements serving:
1.15(1) tax increment financing district No. 14 (McLeod County District No. 033)
1.16(Downtown);
1.17(2) tax increment financing district No. 15 (McLeod County District No. 035)
1.18(Industrial Park); and
1.19(3) benefited properties as further described in proceedings related to the city's series
1.202007A bonds, dated September 1, 2007, and any bonds issued to refund those bonds.
1.21EFFECTIVE DATE.This section is effective upon compliance by the governing
1.22body of the city of Glencoe with the requirements of Minnesota Statutes, sections
1.23469.1782, subdivision 2, and 645.021, subdivision 3.
1.3BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.4 Section 1. CITY OF GLENCOE; TAX INCREMENT FINANCING DISTRICT
1.5EXTENSION.
1.6 Subdivision 1. Duration of district. Notwithstanding the provisions of Minnesota
1.7Statutes, section 469.176, subdivision 1b, paragraph (a), clause (4), or any other law to
1.8the contrary, the city of Glencoe may collect tax increments from tax increment financing
1.9district No. 4 (McLeod County District No. 007) through December 31, 2023, subject to
1.10the conditions in subdivision 2.
1.11 Subd. 2. Exclusive use of revenues. All tax increments derived from tax increment
1.12financing district No. 4 (McLeod County District No. 007) that are collected after
1.13December 31, 2013, must be used only to pay debt service on outstanding bonds issued to
1.14finance improvements serving:
1.15(1) tax increment financing district No. 14 (McLeod County District No. 033)
1.16(Downtown);
1.17(2) tax increment financing district No. 15 (McLeod County District No. 035)
1.18(Industrial Park); and
1.19(3) benefited properties as further described in proceedings related to the city's series
1.202007A bonds, dated September 1, 2007, and any bonds issued to refund those bonds.
1.21EFFECTIVE DATE.This section is effective upon compliance by the governing
1.22body of the city of Glencoe with the requirements of Minnesota Statutes, sections
1.23469.1782, subdivision 2, and 645.021, subdivision 3.
