1.1                                        A bill for an act&#10;1.2     relating to tax increment financing; authorizing the city of Ramsey to establish a &#10;1.3     tax increment financing district subject to special rules.&#10;1.4     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:&#10;&#10;<a id="go.0.1.0"></a>1.5         Section 1. <ins><b>CITY OF RAMSEY; TAX INCREMENT FINANCING.</b></ins>&#10;1.6         <ins>Subdivision 1.</ins> <ins><b>Authority.</b></ins> <ins>The governing body of the city of Ramsey or a </ins>&#10;1.7     <ins>development authority established by the city may create a tax increment financing </ins>&#10;1.8     <ins>district, consisting of the property defined as outlot L, Ramsey Town Center Addition and </ins>&#10;1.9     <ins>lot 2, block 1, Ramsey Town Center Addition.</ins>&#10;1.10        <ins>Subd. 2.</ins> <ins><b>Special rules.</b></ins> <ins>Establishment of the district is subject to the requirements </ins>&#10;1.11    <ins>of Minnesota Statutes, sections 469.174 to 469.1799 with the following exceptions:</ins>&#10;1.12    <ins>(1) the district is deemed to be a redevelopment district without regard to the </ins>&#10;1.13    <ins>requirements of Minnesota Statutes, section 469.174, subdivision 10;</ins>&#10;1.14    <ins>(2) the provisions of Minnesota Statutes, section 469.176, subdivision 7, do not </ins>&#10;1.15    <ins>apply to the district;</ins>&#10;1.16    <ins>(3) housing receiving assistance, directly or indirectly, from the expenditures of the </ins>&#10;1.17    <ins>district's increments must meet the requirements of Minnesota Statutes, sections 469.174, </ins>&#10;1.18    <ins>subdivision 11, and 469.1761; and</ins>&#10;1.19    <ins>(4) the district's increments must be used only to pay for costs related to the Sunwood </ins>&#10;1.20    <ins>on Grand project, including land acquisition, public infrastructure, parking ramps, and </ins>&#10;1.21    <ins>administrative expenses, whether paid directly to reimburse for payment of those costs or </ins>&#10;1.22    <ins>to repay bonds or other obligations issued and sold to pay those costs initially.</ins>&#10;2.1     <ins><b>EFFECTIVE DATE.</b></ins><ins>This section is effective upon local approval by the governing </ins>&#10;2.2     <ins>body of the city of Ramsey in compliance with the requirement of Minnesota Statutes, </ins>&#10;2.3     <ins>section 645.021.</ins>&#10;