| 1 | 1 | | 1.1 A bill for an act |
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| 2 | 2 | | 1.2 relating to taxation; tax increment financing; authorizing special rules for the city |
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| 3 | 3 | | 1.3 of Plymouth. |
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| 4 | 4 | | 1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
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| 5 | 5 | | 1.5 Section 1. CITY OF PLYMOUTH; TAX INCREMENT FINANCING; |
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| 6 | 6 | | 1.6ESTABLISHMENT. |
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| 7 | 7 | | 1.7 Subdivision 1.Establishment.Under the special rules established in subdivision 2, the |
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| 8 | 8 | | 1.8city of Plymouth may establish not more than two redevelopment districts located wholly |
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| 9 | 9 | | 1.9within the city of Plymouth, Hennepin County, Minnesota, limited to the area identified as |
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| 10 | 10 | | 1.10the city center district in the Plymouth, Minnesota Zoning Map in effect on January 1, 2024, |
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| 11 | 11 | | 1.11and adopted pursuant to section 21000.12 of the Plymouth Zoning Code of Ordinances. |
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| 12 | 12 | | 1.12 Subd. 2.Special rules.If the city establishes a tax increment financing district under |
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| 13 | 13 | | 1.13this section, the following special rules apply: |
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| 14 | 14 | | 1.14 (1) the district is deemed to meet the requirements of Minnesota Statutes, section 469.174, |
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| 15 | 15 | | 1.15subdivision 10; |
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| 16 | 16 | | 1.16 (2) Minnesota Statutes, section 469.176, subdivision 4j, does not apply to the district; |
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| 17 | 17 | | 1.17and |
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| 18 | 18 | | 1.18 (3) the five-year period under Minnesota Statutes, section 469.1763, subdivision 3, is |
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| 19 | 19 | | 1.19extended to ten years, and the period under Minnesota Statutes, section 469.1763, subdivision |
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| 20 | 20 | | 1.204, relating to the use of increment after the expiration of the five-year period, is extended |
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| 21 | 21 | | 1.21to 11 years. |
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| 22 | 22 | | 1Section 1. |
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| 23 | 23 | | 25-00262 as introduced10/25/24 REVISOR MS/HL |
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| 24 | 24 | | SENATE |
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| 25 | 25 | | STATE OF MINNESOTA |
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| 26 | 26 | | S.F. No. 63NINETY-FOURTH SESSION |
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| 27 | 27 | | (SENATE AUTHORS: WESTLIN) |
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| 28 | 28 | | OFFICIAL STATUSD-PGDATE |
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| 29 | 29 | | Introduction and first reading01/16/2025 |
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| 30 | 30 | | Referred to Taxes 2.1 Subd. 3.Expiration.The authority to approve a tax increment financing plan to establish |
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| 31 | 31 | | 2.2a tax increment financing district under this section expires December 31, 2031. |
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| 32 | 32 | | 2.3 EFFECTIVE DATE.This section is effective the day after the governing body of the |
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| 33 | 33 | | 2.4city of Plymouth and its chief clerical officer comply with the requirements of Minnesota |
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| 34 | 34 | | 2.5Statutes, section 645.021, subdivisions 2 and 3. |
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| 35 | 35 | | 2Section 1. |
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| 36 | 36 | | 25-00262 as introduced10/25/24 REVISOR MS/HL |
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