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18 4859-6924-4449\6 to 469.108. Property acquired, owned, leased, controlled, used, or occupied by the authority for any of the purposes of this section is for public governmental and municipal purposes and is exempt from taxation by the state or by its political subdivisions, except to the extent that the property is subject to the sales and use tax under chapter 297A. The exemption applies only while the authority holds property for its own purpose. The exemption is subject to the provisions of section 272.02, subdivision 39. When the property is sold it becomes subject to taxation.” (Minn. Stat. § 469.101, Subd. 2). Options The EDA may sign options to purchase, sell or lease property. (Minn. Stat. § 469.101, Subd. 3). Eminent Domain An EDA “may exercise the power of eminent domain under chapter 117, or under its city’s charter to acquire property it is authorized to acquire by condemnation. The authority may acquire in this way property acquired by its owner by eminent domain or property already devoted to a public use only if its city’s council approves. The authority may take possession of property to be condemned after it files a petition in condemnation proceedings describing the property. The authority may abandon the condemnation before taking possession.” (Minn. Stat. § 469.101, Subd. 4). An EDA may make loans to businesses, for-profit or nonprofit organizations, or to individuals to carry out the purposes outlined in the EDA law. (Minn. Stat. § 469.192). Contracts An EDA “may make contracts for the purpose of economic development within the powers given it in sections 469.090 to 469.108. The authority may contract or arrange with the federal government, or any of its departments, with persons, public corporations, the state, or any of its political subdivisions, commissions, or agencies, for separate or joint action, on any matter related to using the authority’s powers or performing its duties. The authority may contract to purchase and sell real and personal property. An obligation or expense must not be incurred unless existing appropriations together with the reasonably expected revenue of the authority from other sources are sufficient to discharge the obligation or pay the expense when due. The state and its municipal subdivisions are not liable on the obligations.” (Minn. Stat. § 469.101, Subd. 5). Construction Contracts “For all contracts for construction, alteration, repair, or maintenance work, the authority may award contracts to the vendor offering the best value, and “best value” shall be defined and applied as set forth in section 16C.28, subdivisions 1, paragraph (a), clause (2), and paragraph (c), and 1b. Alternatively, the authority may award all contracts for construction, alteration, repair, or maintenance work to the lowest responsible bidder, reserving the right to reject any or all bids.” (Minn. Stat. § 469.101, Subd. 5a).