Bill > SF4269

This bill authorizes the city of Coon Rapids to impose a local sales and use tax of up to one-half of one percent, provided it is approved by voters in an election as required by Minnesota Statutes, section 297A.99, subdivision 3. The revenues from this tax are specifically designated for two major projects: $40,000,000 for the renovation and expansion of the police department and city center facility (including city hall and civic center), and $40,000,000 for the construction of a new community center and expansion of the Coon Rapids Ice Center. The city can also use these funds to cover the costs of collecting and administering the tax, as well as to secure and pay off any bonds issued to finance these projects, with the total bonding authority not exceeding $80,000,000. The tax will automatically expire either 25 years after it is first imposed or when the city determines that enough funds have been collected to cover the project costs and associated bond expenses, whichever comes first, though the city council can choose to end the tax earlier by ordinance.