Columbia Heights; special tax increment financing rules authorized.

A bill for an act

relating to taxation; tax increment financing; authorizing special rules for the city

of Columbia Heights.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.
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CITY OF COLUMBIA HEIGHTS; ALATUS TAX INCREMENT

FINANCING DISTRICT; FIVE-YEAR RULE EXTENSION; SIX-YEAR RULE

EXTENSION; DURATION EXTENSION.
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(a) The five-year period under Minnesota Statutes, section 469.1763, subdivision 3, is

extended to ten years and the period under Minnesota Statutes, section 469.1763, subdivision

4, relating to the use of increment after the expiration of the five-year period, is extended

to 11 years for the Alatus Tax Increment Financing District in the city of Columbia Heights.

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(b) Notwithstanding Minnesota Statutes, section 469.176, subdivisions 1b and 1d, the

city of Columbia Heights or its economic development authority may elect to extend the

duration of the Alatus Tax Increment Financing District in the city of Columbia Heights by

five years.

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EFFECTIVE DATE.

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Paragraph (a) is effective the day after the governing body of the

city of Columbia Heights and its chief clerical officer comply with the requirements of

Minnesota Statutes, section 645.021, subdivisions 2 and 3. Paragraph (b) is effective upon

compliance by the governing bodies of the city of Columbia Heights, Anoka County, and

Independent School District No. 13 with the requirements of Minnesota Statutes, section

469.1782, subdivision 2.

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