11-08-1989 Council Agenda - Laserfiche WebLink

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(b) Acquisition of Property. In order to create an economic development district, the Authority may acquire by lease, purchase, gift, demise or condemnation proceedings any necessary right, title or interest in property. Property acquired for this purpose is exempt from taxation by the state or political subdivisions, but only while the Authority holds the property for its own use. Minn. Stat. 8469.1_01, Subd. 2. (c) Acquisition of Rights and Easements. The Authority may acquire rights and easements for development of an economic development district. Minn. Stat. 5469.101 Subd. 7. (d) Receipt of Assistance. The Authority may accept land, money or other assistance from the federal or state government or an agency of either to acquire and develop an economic development district. Minn. Stat. 8469.101 Subd. 9. (e) Sale or Lease of Land. The Authority may sell or lease land held by the Authority in economic development districts. Minn. Stat. 8469.101, Subd. 10. The Authority may, after notice of hearing, sell property owned by it if the sale or conveyance is in the best interest of the City and furthers the Authority's general plan of economic development. The sale may be by private or public sale. The terms of the sale of property must include the intended use of the land and may not be consummated until the purchaser delivers the plans and specifications covering the development of the property to the Authority for approval. If the purchaser fails to devote the property to its intended use or fails to begin work on improvements in one year from the date of the purchase, the Authority may cancel the sale, and title to the property will revert to the Authority. The Authority may extend the one year deadline for good cause. The purchaser of the land may not transfer title within one year after the sale without the consent of the Authority. Minn. Stat. 8469.105. 8 Page 10