Agenda Packets - 1997/04/28 - Laserfiche WebLink

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'bus Tax Bill April 20. 1' C fl, p Ta 5 Page 57 • LY Effective date. Effective upon local approval by the city,county, and school district. • 21 Gaylord. Permits the city of Gaylord to extend the duration of a tax increment district originally certified in 1978 to December 31,2008. 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 local approval by the city,county, and school district. 22 Brooklyn Center. Exempts tax increment financing district no. 3,which includes the Brookdale regional shopping center from the five-year rule until December 19,2004. This is a five year extension of the rule. The five year rules requires spending to be completed, bonds to be issued,or binding contracts to be entered within the five year period. Effective.date. Effective upon approval by the city council of Brooklyn Center. 23 Special TIP authorization. Authorizes the housing redevelopment authority for Douglas county or the economic development.authority for the city of Brandon to establish an economic development tax increment financing district for a tourism facility. This project will include: • a theme and amusement park • • recreational facilities • lodging facilities • retail facilities The bill exempts this TIF district from a number of rules under the general law, including: • This district qualifies as a tourism facility,even if Douglas county does not meet the general law test for tourism. • The 5 year spending requirement does not apply. This provision of general law requires increment to be spent within 5 years after the district is created. • The duration of the district is extended from 9 to 20 years. Effective date. Effective upon local approval by the city,county,and school district. 24 Minnetonka. Authorizes the city of Minnetonka to make expenditures for certain housing activities upon decertification of housing TIF district no. 1. It permits the city's economic development authority(EDA) to deposit the balance of revenues derived from tax increment from the district in the housing development account of the EDA. It permits the increments to be spent for housing activities in accordance with the TIP plan under certain conditions. • These are: • Research Department Minnesota House of Representatives 600 State Office Building 8d S3I1I3 NW JO 3119431 WdE2:ZB 2.61 T2 eldti