Laserfiche WebLink
3. Fundamentals of Tax Increment Financing (TIF) 6. Summary of Individual Tax Increment Financing Districts 33 33 Special Legislation: In 1998 Session Laws (Chapter 389, Article 11, Section 24), the Minnesota Legislature approved the creation of this TIF District. Subdivision 1. Special Rules. (a) If the city elects upon the adoption of the tax increment financing plan for the district, the rules under this section apply to redevelopment or soils condition tax increment financing districts established by the city of New Brighton or a development authority of the city of New Brighton in the area bounded on the north by the south boundary line of tax increment district number 8 extended to Long Lake regional park. (b) The five-year rule under Minnesota Statutes, section 469.1763, subdivision 3, is extended to nine years for the district. (c) The limitations on spending increment outside of the district under Minnesota Statutes, section 469.1763, subdivision 2, do not apply, but increments may only be expended on improvements or activities within the area defined in paragraph (a). Subdivision 2. Expiration. (a) The exception from the limitations of Minnesota Statutes, section 469.1763, subdivision 2, expires 18 years after the receipt of first increment from a district to which the city has elected that this section applies. (b) The authority to approve tax increment financing plans to establish a tax increment financing district under this section expires on December 31, 2008. Subdivision 3. Effective Date. This section is effective upon approval by the governing bodies of the city of New Brighton and Ramsey County and upon compliance by the city with Minnesota Statutes, section 645.021, subdivision 3. In 2008 Session Laws (Chapter 366, Article 5, Section 24), the Minnesota Legislature allowed pooling from TIF Districts 9, 20, & 26 to this TIF district and TIF District #32 in the Northwest Quadrant. Subdivision 2. District duration extension. Notwithstanding the provisions of Minnesota Statutes 469.176, subdivision 1b, or any other law to the contrary, the duration limits that apply to redevelopment tax increment financing districts numbers 31 and 32 established under Laws 1998, chapter 389, article 11, section 24, and hazardous substance subdistricts numbers 31A and 32A established under Minnesota Statutes, sections 469.174 to 469.1799, are extended by four years.