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Minnesota Statute 272.02, Subd. 39 says property held by a city for economic developme nt is <br />tax exempt for nine years, with two exceptions: land purchased and held for housing or land <br />hel d for redevelopment purposes which meets the redevelopment criteria. Therefore, the City <br />holds some risk if properties determined to be for commercial uses do not develop within that <br />time. The City’s bond counsel recommends proceeding with the acq uisition of the properties, <br />as City ownership will make the properties more easily marketable . <br /> <br />RECOMMENDATION <br /> <br />Approve Resolution No. 13 -01 <br /> <br />ATTACHMENTS <br /> <br />1. Resolution No. 13 -01 <br />2. Proposed Special Legislation <br />