1.1                          A bill for an act
  1.2             relating to tax increment financing; requiring state 
  1.3             auditor approval; amending Minnesota Statutes 1994, 
  1.4             section 469.175, by adding a subdivision. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1994, section 469.175, is 
  1.7   amended by adding a subdivision to read: 
  1.8      Subd. 3a.  [STATE AUDITOR APPROVAL.] (a) The county auditor 
  1.9   may not certify the original net tax capacity of a new tax 
  1.10  increment financing district or the addition of new area to an 
  1.11  existing tax increment financing district, unless the tax 
  1.12  increment financing plan for the district has been approved in 
  1.13  writing by the state auditor. 
  1.14     (b) The state auditor may approve the tax increment 
  1.15  financing plan, or the amendments to it, only if the auditor 
  1.16  determines that the tax increment financing plan and the actions 
  1.17  proposed to be taken under it are authorized by law and satisfy 
  1.18  the purposes of the tax increment financing act, sections 
  1.19  469.174 to 469.178.  The auditor may disapprove the plan or 
  1.20  amendments, if the auditor believes it is not in the best 
  1.21  interest of the state. 
  1.22     (c) Upon application for approval by the state auditor, the 
  1.23  authority must submit to the auditor the proposed tax increment 
  1.24  financing plan, along with the findings and supporting 
  1.25  information required by subdivision 3.  The auditor may also 
  2.1   require all applicants or applicants in individual cases to 
  2.2   provide other information, such as financial projections, 
  2.3   proposed terms of bond issues or other financing, information on 
  2.4   the recipients of tax increment financed assistance, or any 
  2.5   other type of information the auditor deems appropriate. 
  2.6      (d) If the auditor fails to approve or disapprove the plan 
  2.7   or amendment within 30 days after the request for approval is 
  2.8   filed and after all information required by or requested under 
  2.9   paragraph (c) has been filed, the tax increment financing plan 
  2.10  is deemed approved as submitted. 
  2.11     Sec. 2.  [EFFECTIVE DATE.] 
  2.12     Section 1 is effective for requests for certification made 
  2.13  after June 30, 1995.