1.1 	A bill for an act
1.2 	relating to the city of Richfield; authorizing the
1.3 	creation of a redevelopment tax increment financing
1.4 	district.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. CITY OF RICHFIELD; TAX INCREMENT FINANCING
1.7 	DISTRICT.
 1.8 		Subdivision 1.Authorization. The city of Richfield may
1.9 	create a tax increment financing district consisting of an area
1.10 	lying west of Trunk Highway 77 extending:  to 16th Avenue
1.11 	between Crosstown Highway 62 and 66th Street; to 17th Avenue
1.12 	between 66th and 69th Streets; and to 18th Avenue between 69th
1.13 	and 72nd Streets.  The city or its housing and redevelopment
1.14 	authority may be the authority for the purposes of Minnesota
1.15 	Statutes, sections 469.174 to 469.179.
1.16 		Subd. 2.District is redevelopment district. The
1.17 	redevelopment tax increment district created pursuant to
1.18 	subdivision 1 is deemed to be a redevelopment district and is
1.19 	subject to Minnesota Statutes, sections 469.174 to 469.179,
1.20 	except that:
1.21 	(1) expenditures for activities as defined in Minnesota
1.22 	Statutes, section 469.1763, subdivision 1, paragraph (b),
1.23 	anywhere in the district are deemed to be the costs of
1.24 	correcting conditions that allow the designation of
1.25 	redevelopment districts pursuant to Minnesota Statutes, section
2.1 	469.174, subdivision 10; and 
2.2 	(2) the five-year rule under Minnesota Statutes, section
2.3 	469.1763, subdivision 3, does not apply.
2.4 	
EFFECTIVE DATE. Section 1 is effective upon local
2.5 	approval by the city of Richfield in compliance with Minnesota
2.6 	Statutes, section 645.021.