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(g) Cross - Fertilization. <br />An Authority may exercise the powers and duties of a <br />redevelopment agency under sections 469.152 to 469.165 <br />(Municipal Industrial Development) for a purpose in <br />sections 469.001 to 469.047 (Housing and Redevelopment <br />Authorities) or 469.090 to 469.108 (Economic Development <br />Authorities). The Authority may also use the powers and <br />duties in sections 469.001 to 469.047 (Housing and <br />Redevelopment Authorities) and 469.090 to 469.108 <br />(Economic Development Authorities) for a purpose in <br />sections 469.152 to 469.165 (Municipal Industrial <br />Development). The Authority also has the powers of a <br />City under sections 469.124 to 469.134 (City Development <br />Districts). Minn. Stat. SS 469.091, 469.101, subd. 12. <br />A summary of the purposes and powers of Housing and <br />Redevelopment Authorities, City Development Districts and <br />Municipal Industrial Development will follow. <br />(h) Levy of Taxes for Economic Development Authority. <br />The City may, at the request of the Authority, levy <br />a tax in any year for the benefit of the Authority in an <br />amount not less than 0.75 mill times the assessed <br />valuation of the taxable property in the City. An <br />increase in the levy is allowed if the City follows <br />certain procedures and subject to reverse referendum. <br />The levy may be increased by resolution of the City <br />Council after published notice. The resolution is not <br />effective if a petition requesting a referendum is filed <br />with the City Clerk within 30 days after publication of <br />the resolution. The petition must be signed by voters <br />equalling at least 5% of the vote cast in the last <br />general election. The election called for by to the <br />referendum must be held as specified in section 275.58. <br />Minn. Stat. $469.107. <br />(i) Advances. <br />An Authority may advance (loan) its general fund <br />money or credit without interest, for the objects and <br />purposes of the Act. The advances must be repaid from <br />the sale or lease of land. If the money advanced for the <br />development or redevelopment was obtained from the sale <br />of the Authority's general obligation bonds, then the <br />advances must have not less than the average annual <br />interest rate on the Authority's general obligation bonds <br />11 <br />Page 13 <br />