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IV. <br /> <br />Authority. The economic development authority may exercise all of <br />the power~ that the previous governing unit exercised with respect to <br />thepro]ect. Minnesota Statutes Section 469.{)94, subd. 2. <br /> <br />Establishment of an Economic Development District. Pursuant to <br /> <br />Minnesota Statutes, Section 469.101, subd. 1, <br />create an economic development district(s) (the <br />place or places within the city provided that: <br /> <br />an Authority may <br />"District") at any <br /> <br />The District must satisfy the requirements of Minnesota <br />Statutes, Section 469.174, subd. 10 (findings for a <br />redevelopment tax increment financing district). <br /> <br />2. The District boundaries must be contiguous. <br /> <br />The Authority holds a public hearing on the establishment of <br />the District with at least a ten-day publication notice. <br /> <br />The Authority makes the finding that the District is proper <br />and desirable to establish and develop within the city. <br /> <br />Powers of the Authority. <br /> <br />As <br /> <br />Property. Pursuant to Minnesota Statutes, Section 469.101, subd. 2, <br />3, 4, 5, 6, 7, 10, 13, 17 and 18: <br /> <br />An Authority may acquire by lease, purchase, gift, devise, or <br />condemnation proceedings, the needed right, title and interest <br />in property to create economic development districts. <br /> <br />An Authority may sign options to purchase, sell or lease <br />property. <br /> <br />An Authority may use eminent domain to acquire property it is <br />authorized to acquire by condemnation. <br /> <br />An Authority may make contracts for the purpose of economic <br />development within the powers given in Chapter 455C. The <br />Authority may contract to purchase and sell real and personal <br />property. However, an obligation must not be incurred except <br />when existin~ funds together with reasonable expected <br />revenue of the Authority from other sources are sufficient to <br />either discharge the obligation or pay the expense when due. <br /> <br />The Authority may be a limited partner in a partnership as <br />long as the purpose of the partnership is consistent with the <br />Authority's purpose. <br /> <br />The Au~ho, l~y may acquire property righ'ts or an easement for <br />the development of a distric:. <br /> <br /> Au~bo,,,.~ ,,ay sell or lease land held by it in <br />economic development. <br /> <br /> I <br /> I <br />I <br />I <br />I <br />I <br />! <br />I <br />I <br />I <br /> <br /> <br />