Agenda - Council - 04/09/1991 - Laserfiche WebLink

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I I I I II. ECONOMIC DEVELOPMEN~ AUTHORITY Background on the Economic Development Authorities Legislation. The 1986 Minnesota Legislature enacted legislation (Chapter 458C) which authorized cities to establish an economic development authority (the "Authority"). The law provides the cities with the powers of Chapters 462 (relating to Housing and Redevelopment AuthoritieS) and 472A (relating to Municipal Development Districts), as well as additional powers specified in Chapter 458C. - In I987 the Legislature repealed the statutes cited above and re-enacted them as Chapter 469. References to statutes in this summary are references to the new citations. Procedural Requirements. A. Enabling Resolution Publication Reouirements. Pursuant to Minnesota Statutes, Section 469.093, the city council must pass a resolution known as the "enabling resolution". Prior to adopting the enabling resolution, a public hearing must be held, with notice of the public hearing being published in a newspaper of general circulation within the city once per week for two consecutive weeks. The first publication must not appear more than 30 days from the date of the public hearing. Limitations of Powers. Minnesota Statutes, Section 469.092 provides the following limitations upon the actions of the Authority which may be imposed through the enabling resolution: (a) No powers contained in Sections 467.001 to 4~9.047, 469.090 to 46@.108, and 469.124 to 469.134 may be exercised by the Authority without the prior approval of the city council. (b) The city council may, by resolution, require the Authority to transfer any portion of the reserves generated by activities of the Authority, except when previously pledged by the Authority, to the debt service fund of the city, to be used solely to reduce tax levies for bonded indebtedness of the city. (e) That the sale of all bonds or obligations to be issued by the Authority be approved by the city council prior to issuance. (d) That the 1~'"~ -:*' ~,,e budget process for city · Au~,~o~.~5. follow +~ departments.