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Octob~ ~ ~gRR <br />Page 2 <br /> <br />The Economic Development Authority is authorized to issue revenue bonds for any of its <br />corporate purposes pursuant to Minnesota Statutes, Section 469.034. An Economic <br />Development Authority is authorized to undertake "redevelopment projects," "housing projects" <br />and "housing development projects." In the case of the frre station project, the applicable project <br />type is obviously a "redevelopment project." Minnesota Statutes, Section 469.002, Subd. 14 <br />defines a "redevelopment project" as follows: <br /> <br /> Subd. 14. Redevelopment project. "Redevelopment project" means any work or <br />undertaking: <br /> <br />to acquire blighted areas and other real property for the purpose of removing, preventing, <br />or reducing blight, blighting factors, or the muses of blight; <br /> <br />to clear any areas acquired and install, construct or reconstruct streets, ufiEties, and site <br />improvements essential to the preparation of sites for uses in accordance with the <br />redevelopment plan; <br /> <br />3. to sell or lease land so acquired for uses in accordance with the redevelopment plan; <br /> <br />to prepare a redevelopment plan, and to incur initiation, platmlng, survey and other <br />administrative costs of a redevelopment project, and to prepare technical and financial <br />plans and arrangements for buildings, structures, and improvements and ali other work <br />connection therewith; or <br /> <br />to conduct an urban renewal project. The term "urban renewal projea" may include. <br />unde.____._~ffs and activities for the elimination or for the prevention of the development or <br />spread of alums or blighted or deteriorating areas and may involve any work or <br />grtdertaking for that purpose cormtituting, a redevelopment project or_any ~ehabilitati0n. B_~ <br />eon.qervadon work..Eot this purpose, "rehabBJtation or conservation work" may inelude~ <br />(i) carrying out plans for a program of voluntary or compulsory repair and rehabilitation <br />of buildings or other improvements; (ii) acquisition of real property and demolition, <br />removal, or rehabilitation of buildings and improvements thereon where necessary to <br />eliminate unheal~, unsanitary or unsafe conditions, lessen density, reduce traffic <br />h_~-xrds, eliminate obsolete or other uses detrimental to the public welfare, or to othem~se <br />remove or prevent the spread of blight or deterioration, to promote historic and <br />architectural preservation, or to_9__provide land for needed public facilities; (iii) installation, <br />construction, or reconstruction of streets, utilities, parks, playgrounds, and other <br /> <br />1094262.l <br /> <br /> <br />