Section 1 extends, by 18 months, the 2010 job bill’s authority of economic development districts to spend increment to provide improvements, loans, subsidies, grants, interest rate subsidies or assistance in any form to developments consisting of buildings and ancillary facilities, if all the following conditions are met:
-
The municipality finds that the project will create or retain jobs in Minnesota, including construction jobs, and that construction of the project would not have commenced before January 1, 2014 without this assistance;
-
Construction of the project begins no later than January 1, 2014;
-
Request for certification of the district is made no later than December 31, 2013; and
-
For development of housing under this section, the construction must begin before January 1, 2012.
This section also removes the authority that increment from economic development districts be used for qualified border retail facilities.
Effective the day following final enactment
Section 2 extends, by 18 months, the 2010 job bill’s expanded authority to spend increment to provide improvements, loans, interest rate subsidies, or assistance in any form to private development consisting of the construction or substantial rehabilitation of buildings and ancillary facilities, if by doing so will create or retain jobs in Minnesota, including construction jobs, and that the construction commences before January 1, 2014.
The authority may undertake actions pursuant to this authority only after approval of the municipality of a written spending plan that contains a detailed description of each action to be undertaken – this applies only to projects approved after the day following final enactment. The authority to spend increment under this authority expires June 30, 2014.
Effective the day following final enactment and applies to all TIF districts, regardless of when the request for certification was made.
ESS/tg
|