2005 Minnesota Statutes - 473.680 — TIF district for heavy maintenance facility.

     473.680 TIF district for heavy maintenance facility. 


    Subdivision 1.    Authorization.  The commission may 
 create a tax increment financing district as provided in this 
 subdivision on property located at the Minneapolis-St. Paul 
 International Airport.  Except as otherwise provided in this 
 section, the provisions of sections 469.174 to 469.179 apply to 
 the district.  The district shall consist of parcels on which 
 the heavy maintenance facility described in section 473.667, 
 subdivision 12, is proposed to be located.  The commission is 
 the "authority" for purposes of sections 469.174 to 469.179. 


    Subd. 2.    Characteristics of the district.  (a) The 
 district shall be an economic development district as defined in 
 section 469.174, subdivision 12. 


    (b) Notwithstanding section 469.176, subdivision 4c, the 
 revenue derived from tax increment from the district must be 
 used only to pay debt service on general obligation revenue 
 bonds issued by the commission under section 473.667, 
 subdivision 12. 


    HIST: 1991 c 350 art 2 s 6