Bill Text: MN HF2848 | 2011-2012 | 87th Legislature | Introduced
Bill Title: St. Cloud Economic Development Authority expenditure of tax increments fund balance authorized, and tax increment financing actions ratified.
Spectrum: Partisan Bill (Republican 3-0)
Status: (Introduced - Dead) 2012-03-14 - Division action, to pass and return to Taxes [HF2848 Detail]
Download: Minnesota-2011-HF2848-Introduced.html
1.2relating to tax increment financing; authorizing certain expenditures of tax
1.3increments by the St. Cloud Economic Development Authority; ratifying certain
1.4tax increment financing actions.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. ST. CLOUD ECONOMIC DEVELOPMENT AUTHORITY;
1.7EXPENDITURE OF FUND BALANCE.
1.8Notwithstanding any other law to the contrary or the provisions of the tax increment
1.9financing plan, the economic development authority for the city of St. Cloud may
1.10authorize the expenditure of the balance of the tax increments from tax increment district
1.11no. 2, commonly referred to as the Norwest District, within the Central Area Urban
1.12Renewal Project area of the city. Eligible expenditures are for public infrastructure
1.13improvements, including but not limited to improvements as further described in the city
1.14of St. Cloud's 2003 Comprehensive Plan and 1996 Downtown Streetscape Plan, which
1.15will further economic development in the Central Area Urban Renewal Project area of the
1.16city. All tax increments from tax increment financing district no. 2 expended are ratified
1.17and approved and are conclusively deemed to be spent in compliance with applicable law.
1.18Any funds remaining in tax increment financing district no. 2 must be expended pursuant
1.19to this section by December 31, 2015, or distributed as excess increments under Minnesota
1.20Statutes, section 469.176, subdivision 2.
1.21EFFECTIVE DATE.This section is effective the day following final enactment,
1.22upon approval by the governing body of the city of St. Cloud and compliance with
1.23Minnesota Statutes, section 645.021, subdivision 3.
1.3increments by the St. Cloud Economic Development Authority; ratifying certain
1.4tax increment financing actions.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. ST. CLOUD ECONOMIC DEVELOPMENT AUTHORITY;
1.7EXPENDITURE OF FUND BALANCE.
1.8Notwithstanding any other law to the contrary or the provisions of the tax increment
1.9financing plan, the economic development authority for the city of St. Cloud may
1.10authorize the expenditure of the balance of the tax increments from tax increment district
1.11no. 2, commonly referred to as the Norwest District, within the Central Area Urban
1.12Renewal Project area of the city. Eligible expenditures are for public infrastructure
1.13improvements, including but not limited to improvements as further described in the city
1.14of St. Cloud's 2003 Comprehensive Plan and 1996 Downtown Streetscape Plan, which
1.15will further economic development in the Central Area Urban Renewal Project area of the
1.16city. All tax increments from tax increment financing district no. 2 expended are ratified
1.17and approved and are conclusively deemed to be spent in compliance with applicable law.
1.18Any funds remaining in tax increment financing district no. 2 must be expended pursuant
1.19to this section by December 31, 2015, or distributed as excess increments under Minnesota
1.20Statutes, section 469.176, subdivision 2.
1.21EFFECTIVE DATE.This section is effective the day following final enactment,
1.22upon approval by the governing body of the city of St. Cloud and compliance with
1.23Minnesota Statutes, section 645.021, subdivision 3.
