Agenda - Economic Development Authority - 03/08/2012

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redevelopment agencies under Minn. Stat. §469.152 to 469.1651 7. Provide relocation payments and assistance in accordance with federal guidelines. 8. May make loans to carry out redevelopment or affordable housing mission. 9. May issue revenue bonds secured by specified revenues; may issue bonds secured by City's full faith and credit (and without election) only for certain HRA -owned affordable rental housing projects, with City Council approval and subject to certain limits. 10. May become member or shareholder in LLP, LLC or corporation for purpose of carrying out housing and housing development projects. 11. May levy tax for redevelopment or affordable housing programs, with Council approval, and not to exceed .0185 percent of market value in the City. This tax is outside City levy limits. 12. May employ staff and an executive director. 386164v2 SJB KG400 -12 8. Engage in research to determine factors of specified development projects. 9. May be a limited partner in a partnership whose purpose is consistent with the EDA's purpose. 10. May invest in certain small businesses by providing equity and venture capital, subject to certain limits. 11. May employ staff and an executive director. 12. May request the City to levy tax for the EDA, not to exceed .01812 percent of market value in the City; this tax is within City levy limits (if any apply). 13. EDA may also use its HRA powers, and levy the HRA tax for redevelopment and housing purposes, as described under the HRA summary; again, with Council approval. This tax is outside City levy limits. 14. May issue revenue bonds secured by specified revenues. May issue GO bonds secured by City full faith and credit only with election, and with Council approval.