Subdivision 1 [Duration of district] extends the authority of the city of Glencoe to collect tax increments from TIF District No. 4 (McLeod County District No. 007) through December 31, 2023, subject to the conditions outlined in subdivision 2. Absent this extension, the district must decertify in 2013.
Subdivision 2 [Exclusive use of revenues] requires that all increment derived from TIF District No. 4 collected after December 31, 2013 (the current date of expiration) must be used only to pay debt service on outstanding bonds issued to finance improvements serving TIF District No. 14 and No. 15 and benefited properties described in proceedings related to the city’s series 2007A bonds.
Effective upon compliance with the governing body of the city of Glencoe with filing requirements.
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