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Figure 5-7. Travel Time, Lino Lakes to Selected Destinations, AM Peak (Minutes) 100 90 80 70 60 50 40 30 20 10 0 2005 2010 ■ Mall of America C I T Y O F - C E5 ■ Minneapolis Central Business District 2020 2030 Saint Paul Central Business District Economic Development Assistance Statutory Authority Minnesota cities have a large array of powers and tools for assisting and encouraging economic development. Some key sources of statutory authority come from the following: • Constructing public improvements and levying special assessments — Chapter 429 • Constructing, operating, and maintaining water, sanitary sewer and storm water utility systems — Section 444.075 • Creating and using special service districts — Sections 428A.01 through 428A.101 • Creating and using housing improvement areas — Section 428A.11 • Establishing and using tax increment financing districts — Sections 469.174 through 469.1791 • Making and using tax abatement levies — Sections 469.1812 through 469.1815 • Powers granted to cities through housing and redevelopment authorities — Sections 469.001 through 469.047 • Powers granted to cities through economic development authorities — Sections 469.090 through 469.1081 • Lease financing for real and personal property — Section 465.71 Every statutory power contains a unique set of authorizations and restrictions. In some cases, the city may have several options. For example, public improvements can be financed with special assessments, special service districts, housing improvement areas, tax abatement, and tax increment financing. The tools are interrelated, and the city may use several for one project. To evaluate the use of potential statutory powers, the city should find the answers to the following questions: • Who can use the powers? Most municipal powers are granted directly to the city council directly, but some may reside only or optionally with another entity, such as a housing and redevelopment authority (HRA) or economic development authority (EDA). • How do the powers function? Every municipal development power carries different requirements and procedures, which may have advantages or disadvantages in each situation. For example, tax increment financing involves a complex set of statutory requirements. Property owners must petition to start the process for establishing a special service district. Property tax abatement discussions should involve the county and school district. • Does the power provide funding capacity? Some statutes offer access to revenue or debt financing. When evaluating these tools, the city will need to ask: • What revenues are authorized? • How can the revenues be used? • Can the city issue the bonds as "general obligations," achieving the lowest interest rates? • Do the bonds count against the city's debt limit? • What approvals are needed to authorize use of these powers? DRAFT Jan25-18 Lino Lakes Comprehensive Plan Update for review only Chapter 5: Economic Development 53