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t <br /> ECONOMIC DEVELOPMENT AUTHORITY <br /> I. Background on the Economic Development Authorities Legislation. <br /> The 1986 Minnesota Legislature enacted legislation (Chapter 458C) which <br /> authorized cities to establish an economic development authority (the <br /> "Authority"). The law provides the cities with the powers of Chapters 462 <br /> (relating to Housing and Redevelopment Authorities) and 472A (relating to <br /> Municipal Development Districts), as well as additional powers specified in <br /> Chapter 458C. <br /> In 1987 the Legislature repealed the statutes cited above and re-enacted <br /> them as Chapter 469. References to statutes in this summary are <br /> references to the new citations. <br /> II. Procedural Requirements. <br /> A. Enabling Resolution <br /> 1. Publication Requirements. Pursuant to Minnesota Statutes, <br /> Section 469.093, the city council must pass a resolution known <br /> as the "enabling resolution". Prior to adopting the enabling <br /> resolution, a public hearing must be held, with notice of the <br /> public hearing being published in a newspaper of general <br /> • circulation within the city once per week for two consecutive <br /> weeks. The first publication must not appear more than 30 <br /> days from the date of the public hearing. <br /> 2. Limitations of Powers. Minnesota Statutes, Section 469.092 . <br /> provides the following limitations upon the actions of the <br /> Authority which may be imposed through the enabling <br /> resolution: <br /> (a) No powers contained in Sections 467.001 to 469.047, <br /> 469.090 to 469.108, and 469.124 to 469.134 may be <br /> exercised by the Authority without the prior approval <br /> of the city council. <br /> (b) The city council may, by resolution, require the <br /> Authority to transfer any portion of the reserves <br /> generated by activities of the Authority, except when <br /> previously pledged by the Authority, to the debt service <br /> fund of the city, to be used solely to reduce tax levies <br /> for bonded indebtedness of the city. <br /> (c) That the sale of all bonds or obligations to be issued by <br /> the Authority be approved by the city council prior to <br /> issuance. <br /> • (d) That the Authority follow the budget process for city <br /> departments. <br /> 1 <br />