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<br /> 2r: ECONOMIC DEVELOPMENT 469.101 }
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<br /> `': ' request of the c or upon the au • or's
<br /> Subd. 6.Co Hance examinations the
<br /> y`initiative,the to auditor may ma a legal compliance a ination of the thorny .
<br /> ','.for that city Each authority exa ned must pay the t al cost of the e mination.
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<br /> '`including e salaries paid to th xaminers while actu y engaged in m ng the exam- i
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<br /> 44,,r..."`", ination. a state auditor ma ill monthly or at th ompletion of t udit.All collec-
<br /> i tfs: `tions r ceived must be dep ited in the general nd. ��J�(/��/f�Y����.. ' / •
<br /> ;; istory: 1987 c 391 101; 1989 c 335 a 4 s 88
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<br /> M 469.101 POWERS. '=
<br /> . 1'' Subdivision 1. Esta lishment. An economic development authority may create , .-4-
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<br /> x .. 'and define the boundaries of economic development districts at any place or places r
<br /> _ . — within the city if the district satisfies the requirements of section 469.174. subdivision ,
<br /> - z,, 10, except that the district boundaries must be contiguous. and may use the powers
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<br /> ,'; granted in sections 469.090 to 469.108 to cam out its purposes. First the authority .
<br /> ..' must hold a public hearing on the matter. At least ten days before the hearing, the .t -
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<br /> - authority shall publish notice of the hearing in a daily newspaper of general circulation • 0-
<br /> in the city. Also, the authority shall find that an economic development district is r t .
<br /> ` p oper and desirable to establish and develop within the city. i
<br /> .41-!:'.� Subd. 2. Acquire property. The economic development authority may acquire by 'F
<br /> Sf, , e. ease, purchase, gift, devise, or condemnation proceedings the needed right, title, and t 1
<br /> .-4-x-:-'`. interest in property to create economic development districts. It shall pay for the prop-
<br /> erty out of money it receives under sections 469.090 to 469.108. It may hold and dis- :1. _
<br /> ;'a- t` ,i;:;} pose of the property subject to the limits and conditions in sections 469.090 to 469.108.
<br /> The title to property acquired by condemnation or purchase must be in fee simple,
<br /> `' absolute.The authority may accept an interest in property acquired in another way sub- i 4
<br /> t!' .. ject to any condition of the grantor or donor. The condition must be consistent with fit
<br /> `" the proper use of the property under sections 469.090 to 469.108. Property acquired. . ,
<br /> - ` , owned, leased, controlled, used, or occupied by the authority for any of the purposes.
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<br /> ,':•: of this section is for public governmental and municipal purposes and is exempt from
<br /> ° taxation by the state or by its political subdivisions. The exemption applies only while i
<br /> v,., the authority holds property for its own purpose.The exemption is subject to the provi- )1x" Bions of section 272.02. subdivision 5. When the property is sold it becomes subject to
<br /> taxation. n '
<br /> Subd. 3. Options.The economic development authority may sign options to pur- =
<br /> chase, sell, or lease property.
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<br /> ?` Subd. 4. Eminent domain.The economic development authority may exercise the
<br /> nght of eminent domain under chapter 117, or under its city's charter to acquire prop- ,
<br /> ,;R erty it is authorized to acquire by condemnation.The authority may acquire in this way .1
<br /> ,f,„1-,.. , y y property acquired by its owner by eminent domain or property already devoted to a` •
<br /> t' �' public use only if its city's council approves.The authority may take possession of prop-
<br /> '` erty to be condemned after it files a petition in condemnation proceedings describing
<br /> the property. The authority may abandon the condemnation before taking possession.
<br /> Subd. 5. Contracts.The economic development authority may make contracts for
<br /> the purpose of economic development within the powers given it in sections 469.090 i ,
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<br /> �:.�. ;, to 469.108.The authority may contract or arrange with the federalgovernment,or ,1� . ;
<br /> ;,F f,,'.-.1%:, of its departments, with persons, public corporations, the state, or any of its political
<br /> `> subdivisions, commissions, or agencies, for separate or joint action, on any matter .,;:;:.1‘
<br /> -1'-; ' related to using the authority's powers or performing its duties.The authority may con-
<br /> r tract to purchase and sell real and personal property. An obligation or expense must , 4
<br /> ";' not be incurred unless existing appropriations together with the reasonably expected
<br /> revenue of the authority from other sources are sufficient to discharge the obligation t
<br /> or pay the expense when due. The state and its municipal subdivisions are not liable r,
<br /> on the obligations. ,1
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<br /> Subd. 6. Limited partner.The economic development authority may be a limited
<br /> i i' partner in a partnership whose purpose is consistent with the authority's purpose.
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