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RELEVANT LINKS: <br />Minn. Stat. §§ 469.152 to <br />469.1655. <br />For more information, <br />contact DEED 651.259.7114, <br />800.657.3858. Main Office: <br />1st National Bank Building <br />332 Minnesota Street, Suite <br />E200 Saint Paul, MN 55101- <br />1351. <br />Minn. Stat. § 469.184. <br />Minn. Stat. §§ 469.174 to <br />469.1794. <br />C. Industrial revenue bonds <br />The municipal industrial development laws help cities attract new <br />commercial and industrial development, and keep existing businesses in <br />the city. The law authorizes the council to issue revenue bonds, and use the <br />proceeds to acquire and construct industrial sites and facilities. The city <br />then leases these facilities to private industry and uses the rental fee <br />proceeds to retire the bonds. <br />A city may issue industrial revenue bonds, also known as municipal <br />revenue bonds, without public referendum. It cannot pledge the full faith <br />and credit of a community as security for these bonds. Thus, the city may <br />not tax property owners to pay principal and interest on the bonds. <br />If a city decides to investigate the use of industrial bond financing, it <br />should contact the Department of Employment and Economic <br />Development. The department provides the city with information, advice, <br />and technical assistance. This assistance is important, due to the adoption <br />of federal and state laws allocating issuance authority among the states and <br />their political subdivisions. The commissioner of Securities must approve <br />the project. <br />D. Commercial rehabilitation <br />Cities have authority to carry out programs for the rehabilitation of small - <br />and medium-sized commercial buildings. The city must adopt a program <br />ordinance that provides for the adoption of program regulations, including <br />a definition of small- and medium-sized commercial buildings. Loans <br />under the program may be for amounts up to $200,000. The city may <br />finance the program through the sale of revenue bonds. <br />E. Tax increment financing (TIF) <br />Tax increment financing authority is available to most cities. Cities with <br />housing and redevelopment authorities, economic development authorities, <br />port authorities, redevelopment agencies, those cities administering <br />development districts or development projects, or cities exercising port <br />authority powers under a general or special law may use tax increment <br />financing. Amendments to the law, however, may make the use of this <br />development tool more complicated. <br />League of Minnesota Cities Handbook for Minnesota Cities 11/4/2014 <br />Community Development and Redevelopment Chapter 151 Page 15 <br />