Agenda - Economic Development Authority - 05/12/2011

Home

commissioners who are residents of the city. The Mayor appoints and the Council approves the members who serve five -year, staggered terms. City Councilmembers often serve on the HRA. The entire membership of an HRA may consist of councilmembers. Approval for any project through the approval of a redevelopment plan, must be granted by the City Council. An HRA is independent of the local government. Approval of the redevelopment plan for the proposed project is needed, however, by the governmental unit in order to proceed. HRA does not have the power to levy and collect taxes or special assessments, except with respect to certain redevelopment projects. Activities: 1. May establish a redevelopment project for the elimination and prevention of blighted areas. 2. Acquire real or personal property for activities related to projects. May sell its lands and properties to private or public parties. 3. May provide for the administration of a commercial building loan program to preserve small -sized buildings in its district. 4. May sell real or personal property, including the use of eminent domain, for project - related purposes. 5. May act as federal government agent in carrying out provisions of Municipal Housing and Redevelopment Act. 6. May exercise the powers granted to redevelopment agencies under Minn. Stat. § §469.152 to 469.1651 7. Provide relocation payments and assistance in accordance with federal guidelines. 8. May employ staff and an executive director. The City Council can choose to serve as the EDA Board of Commissioners or create a board composed of a cross - section of the community. EDAs have a board consisting of 3, 5, or 7 commissioners appointed by the Mayor with the approval of City Council. Board members serve for six -year terms. The board may also consist entirely of City Council members. The City Council may control the activities of the EDA by limiting its powers under the enabling resolution and through the annual approval of the EDA budget. Activities: 1. Acquire property for creation of development district that is tax exempt. 2. Sell or lease land whether by private or public means. 3. Carry out EDA law to develop and improve land within the district. The EDA may make any necessary arrangements to make land suitable for development. 4. Exercise eminent domain. 5. Enter into contracts for the purpose of economic development. 6. Purchase all materials needed to carry out development. 7. May make loans to a business, a for - profit or nonprofit organization, or an individual. The loan must be for an authorized purpose. 8. Engage in research to determine factors of specified development projects. 9. Act as a limited partner in contracts with additional parties. 10. May employ staff and an executive director.