Laserfiche WebLink
DS-7. Community Development Principles (C) <br />Minnesota cities have traditionally been responsible for their own economic <br />growth. During the '60s and '70s, cities promoted development through the use <br />of industrial revenue bonds, tax increment financing, and housing (or mortgage <br />revenue) bonds. Substantial federal grant programs supplemented local resources. <br />The economic realities of the 1980s require even greater efforts by cities <br />in community and economic development. As federal assistance disappears, cities <br />are forced to become more creative in the use and leveraging of available <br />resources. <br />In recent years, the ntate has assisted cities' development efforts through <br />legislation and agency -administered programs, including Minnesota Main Street, <br />Star Cities, Minnesota Housing Finance Agency loan programs, and small business <br />rehabilitation loan programs. State legislaticn must continue to provide <br />maximum flexibility for titles to carry out community development activities. <br />Additionally, the state must actively promote economic development through <br />direct assistance to businesses and more extensive technical assistance to <br />maximize cities' ability to leverage local, state, and federal resources. <br />1. Protection of cities' ability to finance capital improvements; <br />2. Management of economic growth to maximize cities' existing capital. <br />investment; <br />3. Revitalization of cities reversing the trend of d_ iersion of population <br />and economic activity; <br />4. Recognition and allowance for the great differences between cities <br />regarding their stages of growth and development, demographics, and types of <br />economic activity within and adjacent to their borders; and <br />5. The Legislature should enable the Small Business Finance Agency to <br />package projects which are approved by local city councils into larger <br />industrial revenue bonds. <br />-9- <br />