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1111 <br /> Economic Development Authority <br /> Chapter 400 of the 1986 Laws of Minnesota permits any Home Rule <br /> Charter or Statutory City to establish economic development <br /> districts as a commission-governed economic development authority <br /> by resolution . The commission governing an authority may be made <br /> un of the City Council or three to seven appointed commissioners <br /> including one to two City Councilmembers . <br /> Contingent upon approval of the City Council , an Economic <br /> nevelopment Authority would be able to : <br /> - acquire properties by lease , purchase , gift, devise , or <br /> condemnation proceedings for governmental and municipal <br /> purposes ; <br /> - sell properties within economic development districts ; <br /> make property contracts with private and public <br /> organizations and obtain easements or rights for <br /> economic development; <br /> - operate public parking and other public facilities to <br /> promote development in economic development districts ; <br /> - issue general obligation bonds in the principal amount <br /> authorized after a two-thirds vote of the City Council <br /> and set up a district tax levy to pay off the bonds ; 4111 <br /> requires the City pledge its full faith and credit to <br /> .secure the bonds ; <br /> - ohtain loans for specific development purposes on the <br /> basis of bonds it issues ; <br /> - undertake studies and analyses of City economic <br /> development needs ; <br /> carry out a cooperate in carrying out public relations <br /> activities that promote the City and its economic <br /> development; <br /> improve certain types of land in development districts <br /> to make it more suitable and available for economic <br /> development ; <br /> accept City delegated responsibility for redevelopment <br /> of mined , underground space within the scope of the law. <br /> 4110 <br />