Agenda - Economic Development Authority - 07/09/2015

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RELEVANT LINKS: Minn. Stat. § 469.012, subd. 1. Minn. Stat. § 469.001- 469.047. Minn. Stat. § 469.033, subd. 6. Minn. Stat. § 275.70 to 275.74. Minn. Stat. § 275.066. 4. HRA powers An HRA is primarily responsible for the planning and implementation of redevelopment and/or low -rent housing assistance programs within its area of operation. An HRA has all the powers necessary to carry out the state HRA Act, including but not limited to the following powers: • To sue and be sued. • To employ staff and an executive director. • To undertake projects within its area of operation and to provide for the construction, reconstruction, improvement, extension, alteration, or repair of any project or part of a project. • To sell, buy, own, and lease property by any means necessary, including the power of eminent domain. • To cooperate with and use state and federal financial assistance programs. • To develop rehabilitation and code enforcement techniques. • To issue bonds for any of its corporate purposes backed by the pledge of revenues, grants or other contributions. • To implement renewal or redevelopment programs using tax increment financing. • To own, hold, improve, lease, sell or dispose of real or personal property. • To designate substandard, slum or deteriorating areas needing redevelopment, and unsafe, unsanitary, and overcrowded housing. • To make necessary expenditures to carry out the purposes of the HRA law. • To develop and administer an interest reduction program to assist the financing of the construction, rehabilitation, or purchase of low- or moderate -income housing. 5. HRA special assessment and levy authority HRA power to levy and collect taxes or special assessments is limited to the power provided in state law. Subject to a resolution of consent from the city council an HRA may levy a tax upon all taxable property within the city. (The council may give a consent that covers a series of years if they so choose or council may pass a resolution authorizing an HRA levy for a set amount of time, for example, the entire term of the bonds secured in part by an HRA levy and in part by a city levy.) State law recognizes the distinct nature of HRAs and designates them as "special taxing districts." The maximum general allowable operational levy of HRAs is 0.0185 percent of the previous year's estimated market value of all property in the city. League of Minnesota Cities Handbook for Minnesota Cities 11/4/2014 Community Development and Redevelopment Chapter 15 1 Page 7