1.1 	A bill for an act
1.2 	relating to public finance; authorizing the cities of Chisago City and Lindstrom 
1.3 	to establish a joint venture, issue debt for use outside of the jurisdiction, and 
1.4 	share revenues.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. CHISAGO CITY AND LINDSTROM JOINT VENTURE.
 1.7 	Any two or more of the cities of Chisago City and Lindstrom, their economic 
1.8 	development authorities, housing and redevelopment authorities, and the county of 
1.9 	Chisago may enter into a joint powers agreement to acquire and develop or redevelop a 
1.10 	business park in the city of Chisago City. Any party to the agreement may spend money 
1.11 	or issue debt for all or a part of the project, regardless of whether the project is located 
1.12 	within its corporate boundaries. Issuance of debt under this section is subject to Minnesota 
1.13 	Statutes, chapter 475, except that an election is not required. The agreement may provide 
1.14 	for the parties to share revenues from the project. Any party to the agreement may levy 
1.15 	taxes or spend its funds, as otherwise permitted by law, to pay for the project, including 
1.16 	debt issued to finance the project. 
1.17 	If the project is included in a tax increment financing district, each city and authority 
1.18 	that is a party to the agreement may treat the tax increment financing district as being 
1.19 	located within its corporate boundaries for purposes of the authority under the tax 
1.20 	increment financing act, Minnesota Statutes, sections 469.174 to 469.1799, to spend 
1.21 	increments or issue bonds for the project.

1.22 	EFFECTIVE DATE. This section is effective the day following final enactment.