SF 2083

02/18/25  REVISOR  MS/BM  25-04013      as introduced
  SENATE
  STATE OF MINNESOTA
  NINETY-FOURTH SESSION  S.F. No. 2083
  (SENATE AUTHORS: XIONG)
  DATE       D-PG  OFFICIAL STATUS
  03/03/2025       613 Introduction and first reading
  Referred to Taxes
  See First Special Session, HF9
1.1A bill for an act
1.2relating to taxation; tax increment financing; authorizing special rules for the city
1.3of Oakdale.
1.4    BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5Section 1. CITY OF OAKDALE; TEMPORARY USE OF INCREMENT;
1.6    EXTENSION.
1.7(a) Notwithstanding Minnesota Statutes, section 469.176, subdivision 4n, paragraph (f),
1.8    the city of Oakdale may elect to spend, loan, or invest transferred increment authorized
1.9    under Minnesota Statutes, section 469.176, subdivision 4n, through December 31, 2027,
1.10   provided that the transferred increment was collected from TIF District No. 1-4 or TIF
1.11   District No. 1-6, in the city of Oakdale, and the use of the transferred increment is detailed
1.12   in the city's written spending plan adopted pursuant to Minnesota Statutes, section 469.176,
1.13   subdivision 4n, paragraph (c).
1.14(b) Increment not spent, loaned, or invested by December 31, 2027, must be returned
1.15   to the district. The requirement to return increment to the district includes any proceeds,
1.16   principal, and interest received on loans of transferred increment; interest or invest earnings
1.17   on transferred increment; or other repayments or returns of transferred increment defined
1.18   as tax increment under Minnesota Statutes, section 469.174, subdivision 25, that remain in
1.19   the funds or accounts of the authority or municipality on December 31, 2027, or that are
1.20   subsequently received by the authority or municipality.
1.21EFFECTIVE DATE. This section is effective the day after the governing body of the
1.22   city of Oakdale and its chief clerical officer comply with the requirements of Minnesota
1.23   Statutes, section 645.021, subdivisions 2 and 3.
Section 1.  1