City of Mountain Lake authorization of special rules

A bill for an act

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

of Mountain Lake; amending Laws 2021, First Special Session chapter 14, article

9, section 9.

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

Section 1.

Laws 2021, First Special Session chapter 14, article 9, section 9, is amended

to read:

Sec. 9.
CITY OF MOUNTAIN LAKE; TIF DISTRICT NO. 1-8; FIVE-YEAR RULE

EXTENSION.

(a) The requirement of Minnesota Statutes, section
469.1763, subdivision 3
, that activities

must be undertaken within a five-year period from the date of certification of a tax increment

financing district, is extended by a
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five-year
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three-year
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period
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to April 1, 2029,
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for Tax

Increment Financing District No. 1-8, administered by the city of Mountain Lake or its

economic development authority.

(b) The requirement of Minnesota Statutes, section
469.1763, subdivision 4
, relating to

the use of increment after the expiration of the five-year period under Minnesota Statutes,

section
469.1763, subdivision 3
, is extended to the
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11th
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14th
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year for Tax Increment

Financing District No. 1-8.

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EFFECTIVE DATE.

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This section is effective the day after the governing body of the

city of Mountain Lake and its chief clerical officer comply with the requirements of

Minnesota Statutes, section 645.021, subdivisions 2 and 3.

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