as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:51am
A bill for an act
relating to taxation; authorizing the city of Hopkins to extend the duration of
certain tax increment financing districts; modifying the application of certain
rules to the districts.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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The governing body of the city of Hopkins
may elect to extend the duration of its redevelopment tax increment financing districts
1-3 and 1-4 by up to five additional years.
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The requirements of Minnesota Statutes, section 469.1763,
subdivision 3, must be considered to be met for the city of Hopkins redevelopment tax
increment district 1-3, if the activities are undertaken within seven years from the date of
certification of the district.
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The requirement of Minnesota Statutes, section 469.176,
subdivision 6, is modified as it relates to the city of Hopkins tax increment financing
district 1-3 so that the qualifying activity must occur within six years of certification
of the district.
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Subdivision 1 is effective upon compliance with Minnesota
Statutes, sections 469.1782, subdivision 2, and 645.021. Subdivisions 2 and 3 are effective
upon compliance by the governing body of the city of Hopkins with Minnesota Statutes,
section 645.021.
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