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A bill for an act <br />relating to the City of Lino Lakes; extending duration of a tax increment <br />financing district <br />BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: <br />Section 1. [DURATION OF DISTRICT.] Notwithstanding the provisions of <br />Minnesota Statutes, section 469.176, subdivision 1 b, the city of Lino Lakes may collect <br />tax increments from Tax Increment Financing District No. 1 -10 through December 31, <br />2023, subject to the conditions described in section 2. <br />Sec. 2. [CONDITIONS FOR EXTENSION.] All tax increments remaining in the <br />account for the district after February 1, 2011, and all tax increments collected thereafter, <br />must be used only to pay debt service on bonds issued to finance the interchange of County <br />Road 23 and Interstate 35W, bonds issued to finance public improvements serving the <br />development known as Legacy at Woods Edge, and any bonds issued to refund such bonds. <br />Sections 469.176, subdivision 4c and 469.1763 do not apply to expenditures made under <br />this section. <br />[EFFECTIVE DATE]. This act is effective upon compliance by the governing <br />body of the city of Lino Lakes with the requirements of Minnesota Statutes, sections <br />469.1782, subdivision 2 and 645.021, subdivision 3. <br />380876v1 SJB LN 140 -80 <br />