1.1                          A bill for an act 
  1.2             relating to the city of Mountain Iron; exempting a tax 
  1.3             increment financing district from certain restriction 
  1.4             under general law. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [ECONOMIC DEVELOPMENT.] 
  1.7      Subdivision 1.  [AUTHORIZATION.] The Mountain Iron housing 
  1.8   and redevelopment authority in and for the city of Mountain Iron 
  1.9   may establish one economic development tax increment financing 
  1.10  district in the city of Mountain Iron for a commercial facility 
  1.11  of unlimited size.  
  1.12     Subd. 2.  [SPECIAL RULES.] The tax increment financing 
  1.13  district authorized in subdivision 1 is subject to Minnesota 
  1.14  Statutes, sections 469.174 to 469.179, with the exception listed 
  1.15  in this section.  Notwithstanding Minnesota Statutes, section 
  1.16  469.176, subdivision 4c, paragraph (c), revenues derived from 
  1.17  tax increment from an economic development district may be used 
  1.18  to provide improvements, loan subsidies, or assistance in any 
  1.19  form for any separately owned commercial facility of any size 
  1.20  located within the municipal jurisdiction of Mountain Iron, a 
  1.21  small city as defined in Minnesota Statutes, section 469.174, 
  1.22  subdivision 27.  
  1.23     Sec. 2.  [EFFECTIVE DATE; LOCAL APPROVAL.] 
  1.24     This act is effective upon approval by the governing body 
  1.25  of the city of Mountain Iron under Minnesota Statutes, section 
  2.1   645.021, subdivision 2.