.................... moves to amend H.F. No. 2070 as follows:
Page 9, after line 4, insert:
"Sec. 16. Laws 2008, chapter 366, article 5, section 37, is amended to read:
Sec. 37. CITY OF MINNEAPOLIS; TAX INCREMENT FINANCING
Subdivision 1. Authorization.
Notwithstanding the provisions of any other law,
the city of Minneapolis may establish a redevelopment tax increment financing district
comprised of the properties included in the existing tax increment districts in the city
that are exempt under Minnesota Statutes, section
469.179, subdivision 1
, and were not
decertified before July 1, 2008. The district created under this section may be certified
after January 1, 2010, and terminates no later than December 31, 2020. The city may
create the district under this section only if it enters into an agreement with Hennepin
County to pay the county annually out of the increment from this district an amount equal
to the tax that would have been payable to the county on the captured tax capacity of the
district had the district not been created.
Subd. 2. Special rules.
The requirements for qualifying a redevelopment district
under Minnesota Statutes, section
469.174, subdivision 10
, do not apply to parcels located
within the district. Minnesota Statutes, section
469.176, subdivisions 4j
and 4l, do not
apply to the district. The original tax capacity of the district is $2,731,854.
Subd. 3. Authorized expenditures. (a)
Tax increment from the district may
be expended only:
to pay principal and interest on bond obligations issued by the city of Minneapolis
or the Minneapolis Community Development Agency for Target Center, including
payment of principal and interest on any bonds issued to repay bonds or loans;
for neighborhood revitalization purposes, as provided under the city's program
1.26established under Minnesota Statutes, section 469.1831
All such expenditures are
2.1 deemed to be activities within the district under Minnesota Statutes, section
, 3, and 4.
2.3(b) At least one-half of the expenditures must be for the purposes described in
2.4paragraph (a), clause (2). Any expenditures made as provided under paragraph (a) are
2.5deemed to satisfy the requirements of Minnesota Statutes, sections 469.174 to 469.1799.
Subd. 4. Adjusted net tax capacity.
The captured tax capacity of the district must
be included in the adjusted net tax capacity of the city, county, and school district for the
purposes of determining local government aid, education aid, and county program aid.
The county auditor shall report to the commissioner of revenue the amount of the captured
tax capacity for the district at the time the assessment abstracts are filed.
2.11EFFECTIVE DATE.This section is effective upon compliance by the governing
2.12body of the city of Minneapolis with the provisions of Minnesota Statutes, section
2.13645.021, subdivision 3.
Renumber the sections and amend the title