Read the full stored bill text
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
deleted text begin
five-year
deleted text end
new text begin
three-year
new text end
period
new text begin
to April 1, 2029,
new text end
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
deleted text begin
11th
deleted text end
new text begin
14th
new text end
year for Tax Increment
Financing District No. 1-8.
new text begin
EFFECTIVE DATE.
new text end
new text begin
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.
new text end