SF 1194 exempts any real or personal property acquired, owned, leased, controlled, used or occupied by the city of Minneapolis for the primary purpose of providing an arena for a professional basketball team (the Target Center). The properties are still subject to special assessments in an amount not to exceed the special benefit received by the property. The exemption does not apply to any real property leased for residential, business or commercial development, or to a restaurant open for general business more than 200 days a year, or for other purposes different from those necessary to the operation of the ball park.
Effective the day after compliance by the governing body of the city of Minneapolis with local approval and filing requirements.
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