Senate Counsel, Research
and Fiscal Analysis
Minnesota Senate Bldg.
95 University Avenue W. Suite 3300
St. Paul, MN 55155
(651) 296-4791
Tom Bottern
Director
   Senate   
State of Minnesota
 
 
 
 
 
S.F. No. 2361 - City of Canby; TIF Authorization
 
Author: Senator Gary H. Dahms
 
Prepared By: Eric S. Silvia, Senate Counsel (651/296-1771)
 
Date: April 7, 2016



 

S.F. 2361 authorizes the city of Canby to establish a tax increment financing district in a designated area. The original tax capacity of the district is set at zero, and certification of the original local tax rate does not apply. The duration of the district is limited to 20 years.

The bill allows the city to use increments from the district to reimburse the city for payment of principal and interest on bonds issued for TIF District No. 1-21, which was a housing TIF district that decertified at the request of the Office of the State Auditor for not complying with owner-occupied housing requirements under the TIF law.

Effective the fay following final enactment without local approval.

 

ES/tg

 

 
Check on the status of this bill
 
Back to Senate Counsel and Research Bill Summaries page
 

 
This page is maintained by the Office of Senate Counsel, Research, and Fiscal Analysis for the Minnesota Senate.
 
Last review or update: 04/07/2016
 
If you see any errors on this page, please e-mail us at webmaster@senate.mn