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III. IV Financial Statement. Minnesota Statutes, Section 469.096, subd. 9, requires that the financial statement of the Authority must be approved by the Authority by resolution. Budget. The Authority, pursuant to Minnesota Statutes, Section 469.100, subd. 2, must submit its budget to the City council annually. The budget is to include a detailed written estimate of the amount of money the Authority needs from the City to conduct its business during the next fiscal year. The fiscal year of the City Council and the Authority must be the same. Tax Levy: Pursuant to Minnesota Statutes Section 469.107, the City may levy a tax up to 0.75 mills annually for the Authority. The tax is outside the City's levy limits. If the City council decides to levy a tax for more than 0.75 mills, a reverse referendum (including a public notice) provision applies. Procedures relating to the Transfer of Authority or Establishment of an Economic Development District. Transfer of Authority. Minnesota Statutes, Section 469.094 allows the City to divide any of the powers granted under Sections 469.001 to 469.047 and 469.090 to 469.108, relating to economic development, housing and redevelopment, between the economic development authority and any other authority. An ordinance, passed by the City Council, allows the powers to be divided among the authorities. Also, the City may, by resolution, transfer the control, authority and operation of any project as defined in Minnesota Statutes, Section 469.174, subd. 8 or any program or project which is authorized by Sections 469.001 to 469.047 or Sections 469.124 to 469.134 to the Authority. The economic development authority may exercise all of the power that the previous governing unit exercised with respect to the project Minnesota Statutes Section 469.094, subd. 2. Establishment of an Economic Development District. Pursuant to Minnesota Statutes, Section 469.101, subd. 1, an Authority may create an economic development district(s) (the "District") at any place or places within the City provided that: The District must satisfy the requirements of Minnesota Statutes, Section 469.174, subd. 10 (findings for a redevelopment tax increment financing district). 2. The District boundaries must be contiguous. The Authority holds a public hearing on the establishment of the District with at least a ten day publication notice. The Authority makes the finding that the District is proper and desirable to establish and develop within the City. Powers of Authority Property: Pursuant to Minnesota Statutes. Section 469.101, subd. 2, 3, 4, 5, 6, 7, 10, 13, 17 and 18: