Agenda - Council - 10/26/1999 - Laserfiche WebLink

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Diana Lurid October 8, 1999 Page 2 The Economio Development Authority is authorized to issue revenue bonds for any of its corporate purposes pursuant to Minnesota Statutes, Section 469.034. An Economic Development Authority is authorized to mdermke "redevelopment projects," "housing projects" and. "housing development projects." In the ease of the fire station project, the applicable project type is obviously a "redevelopment project." Minnesota Statutes, Section 469.002, Sub& 14 defines a "redevelopment project"as follows: Sub& 14. Redevelopment project. "R.edevclopmcnt project" means any work or undertak/ng: tO acquire blighted areas and other real property for thc pm'pose of removing, prevenfir~g, or reducing blight, blighting factors, or the causes of blight; to clear any areas aequ/red and ir~tall, comctruct or reconsm~¢t ¢tre¢~ utiHties, and site improvements essential to the preparaticrn of sites for uses in accordance with the redevelopment plan; 3. to sell or lease land so acquired for uses in accordance with the redevelopment plan; to prepare a redevelopment plan, and to incur initiation, plarming, survey and other administrative costs of a redevelopment project, and to prepare technical and financ/at plans and arrangmnents for build{ngs, structures, and improvements and alt other work '.m. connection therewith; or to conduct an urban renewal prqject. The term "urban renewal vroj.ect" ma>, include. undertakings ag_d actiyities for the elimination or for the prevention of the development or spread of slums or blighted or deteriorating areas and may involve any work or undertaking for_that purpose ean~tltut~nK a redcvelopmmt proj eot or.any reb4bilitatiopg_0r. conservation work_For this purpose, ~'rehabilkation or conservation work" may include. (i) cany~g out plans for a program of voluntary or compulsory repair and rekabilitation ofbu/Idings or other improvements; (ii) acquisition of real property and demolition, removal, or rehabilitation of buildings and improvements thereon where necessary to clSminate unhealthful, umanitary or unsafe conditions, lessen dsnsity, reduce traffic h~ds, eliminate obsolete.or other uses detrimental to the public welfare, or to otherwise remove or prevent the spread of blight or deterioration, to promote histOric and architectural preservation, or to_9_p_rovide land for needed public facilities;, (iii) hastallat/on, construction, or reconstruction of streets, utilities, parks, pl~ygrounds, and other 1094262.1 oc~o-c77-7ro.~p~ I I I I I I I I I I I I I I I