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<br />33 <br />4859-6924-4449\6 <br />Rural Development Finance <br />Authority: <br />(continued) <br />Municipal Industrial <br />Development Act: <br />(continued) <br />Housing Redevelopment <br />Development Authorities <br />(continued) <br />Economic Authorities <br />(continued) <br />Activities: <br />1. Build, obtain and <br />operate projects designed for <br />the production of agricultural <br />products. <br />2. Perform agricultural <br />research. <br />3. Seek aid from additional <br />sources to promote <br />employment. <br />4. Undertake projects <br />authorized under the <br />agricultural resource loan <br />guarantee program. <br />5. May enter contracts and <br />employ financial specialists <br />for assistance. <br />6. Issue bonds or notes for <br />financing purposes. <br />Activities: <br />1. Build, acquire, and <br />retain all lands, structures, <br />and equipment relating to a <br />project. <br />2. Enter into contracts with <br />other municipalities and <br />agencies in connection with <br />projects. <br />3. Assign revenues from <br />projects to the holders of <br />bonds. <br />4. Sell property associated <br />with projects. <br />5. Exempt from property <br />taxes on nonresidential <br />structures built for sale or rent <br />until the building is sold or <br />rented; maximum time is <br />4 years. <br />6. May contractually limit <br />its ability to exercise <br />authority, allowing a <br />municipality to enter into a <br />contract with bondholders. <br />7. Make all necessary <br />contracts in order to secure <br />payments of its bonds. <br />Activities: <br />1. May establish a <br />redevelopment project <br />(Minn. Stat. 469.002) for the <br />elimination/and prevention of <br />blighted areas. <br />2. Carry out projects <br />designed to improve blighted <br />areas. <br />3. Acquire real or personal <br />property for activities related <br />to projects. <br />4. May provide for the <br />administration of a <br />commercial building loan <br />program to preserve small <br />sized buildings in its district. <br />5. May sell real or personal <br />property for project related <br />purposes. <br />6. May sell its lands and <br />properties to private or public <br />parties. Sale is dependent on <br />these parties’ responsibility <br />to continue with the <br />redevelopment plan specified <br />by the HRA. <br />7. May act as federal <br />government agent in carrying <br />out provisions of Municipal <br />Housing and Redevelopment <br />Act. <br />8. May exercise the powers <br />granted to redevelopment <br />agencies under Minn. Stat. <br />§§ 469.152 to 469.1651. <br />9. Provide relocation <br />payments and assistance in <br />accordance with federal <br />guidelines. <br />Activities: <br />EDAs are granted powers <br />within their own district, <br />outside their development <br />district, and, by cross- <br />reference, the powers of <br />HRAs, development districts <br />in connection with the City, <br />and agencies in connection <br />with Municipal Industrial <br />Development. <br />Powers: <br />1. Acquire property for <br />creation of development <br />district that is tax exempt. <br />2. Sell or lease land either <br />by private or public means. <br />3. Carry out EDA law to <br />develop and improve land <br />within the district. The EDA <br />may make any necessary <br />arrangements to make land <br />suitable for development. <br />4. Exercise Eminent <br />Domain. <br />5. Enter into contracts for <br />the purpose of economic <br />development. <br />6. Purchase all materials <br />needed to carry out <br />development. <br />7. Engage in research to <br />determine factors of specified <br />development projects. <br />8. Act as a limited partner <br />in contracts with additional <br />parties. <br />Cross reference powers: <br />1. Exercise Industrial <br />Development powers for <br />HRA and EDA powers for <br />industrial development <br />activities. <br />