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CHAFTm 16 • <br /> I. Minnesota Technology, Inc. <br /> Minn.Stat.ch. 1160. Minnesota Technology, Inc. (MTI) is a public corporation of the state <br /> created by the Legislature in an attempt to combine the best features of a <br /> private development corporation and a governmental development agency. <br /> MTPs purpose is to foster long-term economic growth and job creation <br /> while using the existing development infrastructure. <br /> Mumesota Technology,,Inc.'s MTI focuses on applied research and technology transfer and early stage <br /> main office is at 111 3 Avenue fimding for small manufacturers. MTI may provide financial assistance, <br /> South,Minneapolis MN 55401 <br /> (612)373-2900 or(800)325- including loan guarantees, direct loans, interest subsidies, equity <br /> 3073• investments, and joint ventures. <br /> III. Programs <br /> A. Housing bonds <br /> Minn.Stat.ch.462C. Cities may use revenue bonds for financing single-and multi-family <br /> housing,primarily for the benefit of low-and moderate-income families. <br /> The law contains single-and multi-family housing criteria and the specific • <br /> actions cities must take to comply with the law. Federal law limits the <br /> issuance of housing revenue bonds. Bonding authority is allocated by a state <br /> formula. <br /> B. Industrial parks <br /> An industrial park is a tract of land suitable for industrial use because of <br /> location,topography,proper zoning, availability to utilities, and accessibility <br /> to transportation. A single body has administrative control of the tract. In <br /> some cities,an industrial park may be little more than a tract of unimproved <br /> land,while in other cities it may be totally served by city services and have <br /> restrictive building requirements.An industrial park's purpose is to attract <br /> industrial development. <br /> Advantages and disadvantages of industrial parks are sometimes justified <br /> and sometimes unsubstantiated. Advantages include reduced site <br /> development costs and site readiness.Disadvantages include the initial cost <br /> of acquiring and improving the land and installing city services, as well as <br /> the potential for the land to become subject to county and school district <br /> taxation before the city finds a private buyer.Property a city holds for later <br /> sale for economic development purposes remains tax exempt for a period of <br /> eight years, or until buildings or other improvements that are constructed <br /> after acquisition reach one-half occupancy. <br /> 16-14 HANDBOOK FOR MINNESOTA CITIES • <br /> This chapter last revised 12/15/2004 <br />