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32 4859-6924-4449\6 TABLES COMPARISON OF SELECTED DEVELOPMENT LAWS Rural Development Finance Authority Municipal Industrial Development Act: Housing Redevelopment Development Authorities Economic Authorities Purpose: An RDFA may be established by a County or group of counties to bring about the production of agricultural products and to encourage increased employment in agriculture. A RDFA is a non-profit corporation. Governing Body: An RDFA is controlled by a Board of Directors who are either elected or appointed by the County Board. If more than one County is involved, then all counties involved must be represented on the board. The board must have a minimum of five members. All projects and activities of the RDFA must have approval of the Commissioner of the Department of Employment and Economic Development. Purpose: The main focus of Minn. Stat., §§ 469.152 to 469.1651 includes the following: expansion and economic growth in blighted land areas; retention of industry within the district; overall strengthening of community tax base; and the general enhancement of the economy in the district. Governing Body: Consists of the representing governmental unit--e.g. City Council/County Commissioners for Cities, County Board for counties, etc. All rights of a municipality are granted to bondholders. When beginning a project, each municipality must provide the Commissioner of the Department of Employment and Economic Development with specified information regarding the details of the contracting agreement. All projects must be approved by the state Commissioner (except County jails). Purpose: An HRA is responsible for determining blighted land areas, and for preventing the spread of blight, including substandard building structures. A blighted area is one with buildings and areas that are detrimental to the health, safety and welfare of the community. The HRA may then provide for improvements or redevelopment of these areas through a redevelopment plan. An HRAs main area of operation is housing program development. HRAs are primarily concerned with family rehabilitation, housing redevelopment, public housing, and rent assistance. Governing Body: Approval for any project through the approval of a redevelopment plan, must be granted by the appropriate City Council. Activities are controlled by a board of commissioners. An HRA is independent of the local government. Approval of the redevelopment plan for the proposed project is needed, however, by the governmental unit in order to proceed. Purpose: The overall purpose of an EDA is to promote economic development within a district. EDAs may exercise their own powers which are similar to port authority powers, powers of a HRA, and the powers of Cities in connection with development districts and municipal industrial development activities. Governing Body: EDA is created through an enabling resolution written and approved by City Council. EDAs have a board consisting of 3, 5, or 7 commissioners appointed by the Mayor with the approval of City Council. The board may also consist entirely of City Council members. The City Council may control the activities of the EDA by limiting its powers under the enabling resolution and through the annual approval of the EDA budget.