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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br /> <br />of 1 the current net tax <br /> <br />the <br /> <br />of <br /> <br />the parcel, or (2) the estimated market value of the parcel for <br /> <br />the year in which the building was demolished or removed, but <br /> <br />applying the class rates for the current year. <br /> <br />(g) For a redevelopment district qualifying under section <br /> <br /> <br />469.174, subdivision 10, paragraph (a), clause (4), as a <br /> <br />qualified disaster area, the auditor shall certify the value of <br /> <br />the land as the origi~al tax capacity for any parcel in the <br /> <br />district that contains a building that suffered substantial <br /> <br /> <br />damage as,a result of the disaster or emergency. <br /> <br />[EFFECTIVE DATE.} This section is effective for districts <br /> <br />14 for which the request for certification is made after the daX <br /> <br /> <br />15 following final enactment. <br /> <br />16 Sec. 8. [469.1794J [DUFJ\TION EXTENSION TO OFFSET <br /> <br /> <br />17 DEFICITS. J <br /> <br />18 Subdivision 1. [AUTHORITY.J Subject to the conditions and <br /> <br />19 limitations imposed bv this section, an authority may, by <br /> <br />20 resolution, extend the duration limit under section 469.176, <br /> <br /> <br />21 subdivision lb, lc, le, or 19, that applies to a preexisting <br /> <br />22 district by up to the maximum number of years permitted under <br /> <br />23 subdivision 5, plus anv amount authorized by the commissioner of <br /> <br />24 revenue under subdivision 6. <br /> <br />25 Bubd. 2. [DEFINITIONS.J (a) For purposes of this section, <br /> <br />26 the following terms have the m~anings given. <br /> <br /> <br />27 (b) "Extended district" means a tax increment financing <br /> <br /> <br />28 district whose duration limit is extended under this section. <br /> <br /> <br />29 (c) "Preexisting district" has the meaning given in section <br /> <br />30 469.1792, subdivision 2. <br /> <br /> <br />31 (d) "Preexisting obligation" has the meaning given in <br /> <br />32 section 469.1792, subdivision 2. <br /> <br /> <br />33 (e) "Qualifying obligation" means: <br /> <br />34 (1) a preexisting obligation that is: <br /> <br />35 (i) a general obligation bond of the municipality; <br /> <br />36 (ii) a general obligation bond of the authority; <br /> <br />Article 16- <br /> <br />Section 8 <br /> <br />162 <br />