Agenda Packets - 1997/04/28 - Laserfiche WebLink

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f�Otntlibus l az um N y 4 "`a dis arities. Eliminates "option (a)"for making i�is`t;a'di panties contribution for N` 16 Fisch p • all districts except redevelopment districts. Option(a)allows the cost of the fiscal disparities contribution for a TIF district to be shifted to other commercial and industrial properties in the city, county,and school district. The bill will require use of option(b), which requires the contribution the increment district to make the contribution. Effective date: Requests for certification after June 1, 1997 17 Prior planned improvements. Extends the prior planned improvement rule to other types of land use approvals. Under present law, if an application for a building permit was been made 18 months or less before the request for certification, the value of the building is included in original tax capacity. This section extends that practice to other forms of land use approvals that are required as a final approval to begin construction. Effective date: Requests for certification after June 1, 1997 18 Buffalo Lake TIF. Allows the city of Buffalo Lake through the end of 1998 to obtain the certification of an ethanol facility from the commissioner of agriculture. This certification is requiredto obtain an exemption from the state aid(LGAIHACA)offset for the tax increment financing district. The bill's extension will allow the district to be exempt for aids paid in 1998. .U a certification is not obtained by December 31, 1998,however,the district • will retroactively lose its state aid exemption. Effective date. Effective upon approval by the city council of Buffalo Lake 19 East Grand Forks. Allows the city of East Grand Forks to extend the duration of TIP district No.2 by up to 12 additional years, with the district terminating no later than 2012. During the extension period, the district would be subject to the state aid offset or to recomputation of the school district's aid,since no exemption is provided from the general law provisions. The extension would not affect the amount payments of state school aid. Effective date. Effective upon approval by the city,county,and school district 20 Coon Rapids. Allows the duration of three Coon Rapids TIF districts to be extended through December 31,2010. Special•rules apply to these extended districts: • The TIF plan may not be amended after final enactment to permit spending of increment on new activities. • Increments may only be spent to upgrade and improve county and state bridges and highways. During the extension period,the district would be subject to the state aid offset or to • recomputation of the school district's aid, since no exemption is provided from the general law provisions. The extension would not affect the amount payments of state school aid. • Research Department Minnesota House of Representatives 600 State Office Suildi 1 •J CTIT'1 LII I Jr, 7f'IC1LJ7 1 L I J77•711 J C T 7 11 JL.1