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~~ APPENDIX G SPECIAL LEGISLATION H.F. No. 2498, 4th Engrossment - 84th Legislative Session (2005-2006) Posted on May 25, 2005 ARTICLE 2 TAX INCREMENT FINANCING 62.1 Sec. 26. [CITY OF MOUNDS VIEW; TAX INCREMENT FINANCING 62.2 DISTRICT.] 62.3 Subdivision 1. [ESTABLISHMENT.] (a) The city of Mounds 62.4 View may establish within the corporate boundaries of the city 62.5 one or more economic development tax increment financing 62.6 districts subject to the special rules under subdivision 2. The 62.7 districts must be located on property that is exempt from 62.8 taxation for property taxes payable in 2005 and within the area 62.9 defined in paragraph (b). 62.10 (b) For purposes of this section, "area" is bounded by, and 62.11 including, on the north County Road J west of Coral Sea Street 62.12 and 82nd Lane NE east of Coral Sea Street, on the east Coral Sea 62.13 Street north of 82nd Lane NE and Interstate Highway 35W south of 62.14 82nd Lane NE, on the south and southwest U.S. Highway 10, and on 62.15 the west the western boundary of Outlot A, Sysco, according to 62.16 the recorded plat thereon and situated in Ramsey County, 62.17 Minnesota, 62.18 Subd. 2. [SPECIAL RULES.] (a) If the city elects upon the 62.19 adoption of the tax increment financing plan for the district, 62.20 the rules under this section apply to the district 62.21 (b) The duration limit under Minnesota Statutes, section 62.22 469.176, subdivision lb, clause (3), is extended to 25 years 62.23 after receipt of the first increment. 62.24 (c) The five-year rule under Minnesota Statutes, section 62.25 469.1763, subdivision 3, is extended to a ten-year period. 62.26 (d) The limitations on spending increment outside of the 62.27 district under Minnesota Statutes, section 469.1763, subdivision 62.28 , 2, and on spending increment for developments more than 15 62.29 percent of the square footage of which is used for purposes 62.30 other than those listed in Minnesota Statutes, section 469.176, 62.31 subdivision 4c, do not apply. Except as provided in paragraph 62.32 (e), increments may only be expended within the area defined in 62.33 subdivision 1, paragraph (b), and related to development 62.34 occurring within the area defined in subdivision I, paragraph 62.35 (b), whether or not included in a tax increment financing 62.36 district Increments may only be spent on one or more of the 63.1 following costs, improvements, or activities: 632 (1) acquisition and removal of existing billboards; 63.3 (2) acquisition of land and easements, if the parcel is 63.4 occupied by a building constructed before 1990; 63.5 (3) sanitary sewer, sewer, and water improvements; 63.6 (4) road improvements; • APPENDIX G 1