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RELEVANT LINKS: <br />League of Minnesota Cities Handbook for Minnesota Cities 8/1/2023 <br />Community Development and Redevelopment Chapter 14 | Page 14 <br /> <br /> <br /> <br /> <br /> <br />Minn. Stat. § 469.155. <br />• Acquiring, constructing, and holding lands, buildings, easements, <br />improvements to lands and buildings, capital equipment, and inventory <br />for industrial projects. <br />• Issuing revenue bonds and entering into revenue agreements to finance <br />these activities to promote industrial projects. <br />• Refinancing health care and other facilities. <br /> Under the law, cities assist industries in starting operations and use <br />generated revenues to repay the costs. This law is the basis for issuing <br />most industrial revenue bonds. <br />Minn. Stat. § 469.153. Projects eligible for assistance include, but are not limited to: <br /> • Any revenue-producing enterprises engaged in assembling, <br />fabricating, manufacturing, mixing, processing, storing, warehousing, <br />or distributing any products of agriculture, forestry, mining, or <br />manufacturing. <br />• Any research and development activity in these fields or in the <br />manufacturing, creation, or production of intangible property, <br />including patents, copyrights, formulas, processes, or designs. <br />• Properties designated as a qualified green building and sustainable <br />design project under state law. <br />• Costs related to dewatering activities. <br />Minn. Stat. § 469.155, subd. <br />14. The law prohibits a city from operating any of these projects as a business <br />or in any manner other than the manner outlined by law. <br /> III. Other development strategies <br /> A. Housing bonds <br />Minn. Stat. § 462C.01. <br />Minn. Stat. § 462C.04. <br />Minn. Stat. § 462C.07. <br />Cities may develop and administer programs to finance the acquisition or <br />rehabilitation of single and multifamily homes for housing low- and <br />moderate-income persons and families anywhere within its boundaries. <br />Upon approval of the program as described in statute, the city may issue <br />and sell revenue bonds, which shall be payable exclusively from the <br />revenues of the programs. Bonding authority is allocated by state formula. <br /> B. Industrial parks <br /> An industrial park is a tract of land suitable for industrial use because of <br />location, topography, proper zoning, available utilities, and accessibility to <br />transportation. A single governing body has administrative control of the <br />tract. In some cities, an industrial park may be little more than a tract of <br />unimproved land, while in other cities it may be totally served by city <br />services and have restrictive building requirements.