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Minnesota Statute 272.02, Subd. 39 says property held by a city for economic development is <br /> tax exempt for nine years, with two exceptions: land purchased and held for housing or land <br /> held 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 acquisition of the properties, <br /> as City ownership will make the properties more easily marketable. <br /> RECOMMENDATION <br /> Approve Resolution No. 13-01 <br /> ATTACHMENTS <br /> 1. Resolution No. 13-01 <br /> 2. Proposed Special Legislation <br />