Agenda - Council Work Session - 06/01/2010

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10 MINNESOTA STATUTES 2009 469.175 Subd. 6a. [Repealed, 2000 c 490 art 11 s 44] Subd. 6b. Duration of disclosure and reporting requirements. The disclosure and reporting requirements imposed by subdivisions 5 and 6 apply with respect to a tax increment financing district beginning with the annual disclosure and reports for the year in which the original net tax capacity of the district was certified and ending with the annual disclosure and reports for the year in which both of the following events have occurred: (1) decertification of the district; and (2) expenditure or return to the county auditor of all remaining revenues derived from tax increments paid by properties in the district. Subd. 7. Creation of hazardous substance subdistrict; response actions. (a) An authority which is creating or has created a tax increment financing district may establish within the district a hazardous substance subdistrict upon the notice and after the discussion, public hearing, and findings required for approval of or modification to the original plan. The geographic area of the subdistrict is made up of any parcels in the district designated for inclusion by the municipality or authority that are designated hazardous substance sites, and any additional parcels in the district designated for inclusion that are contiguous to the hazardous substance sites, including parcels that are contiguous to the site except for the interposition of a right-of-way. Before or at the time of approval of the tax increment financing plan or plan modification providing for the creation of the hazardous substance subdistrict, the authority must make the findings under paragraphs (b) to (d), and set forth in writing the reasons and supporting facts for each. (b) Development or redevelopment of the site, in the opinion of the authority, would not reasonably be expected to occur solely through private investment and tax increment otherwise available, and therefore the hazardous substance district is deemed necessary. (c) Other parcels that are not designated hazardous substance sites are expected to be developed together with a designated hazardous substance site. (d) The subdistrict is not larger than, and the period of time during which increments are elected to be received is not longer than, that which is necessary in the opinion of the authority to provide for the additional costs due to the designated hazardous substance site. (e) Upon request by an authority that has incurred expenses for removal or remedial actions to implement a development response action plan, the attorney general may: (1) bring a civil action on behalf of the authority to recover the expenses, including administrative costs and litigation expenses, under section 115B.04 or other law; or Copyright It:J 2009 by the Revisor of Statutes, State of Minnesota. All Rights Reserved.