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469 - 2015 Minnesota Statutes Page 8 of 15 <br /> 469.101 POWERS. <br /> Subdivision 1. Establishment. An economic development authority may create and <br /> define the boundaries of economic development districts at any place or places within the <br /> city,except that the district boundaries must be contiguous,and may use the powers <br /> granted in sections 469.090 to 469.108 to carry out its purposes. First the authority must <br /> hold a public hearing on the matter.At least ten days before the hearing,the authority shall <br /> publish notice of the hearing in a daily newspaper of general circulation in the city.Also, <br /> the authority shall find that an economic development district is proper and desirable to � <br /> establish and develop within the city. <br /> Subd.2. Acquire property. The economic development authority may acquire by <br /> lease,purchase,gift,devise,or condemnation proceedings the needed right, title, and <br /> interest in property to create economic development districts.It shall pay for the property <br /> out of money it receives under sections 469.090 to 469.108.It may hold and dispose of the <br /> property subject to the limits and conditions in sections 469.090 to 469.108.The title to <br /> property acquired by condemnation or purchase must be in fee simple,absolute. The <br /> authority may accept an interest in property acquired in another way subject to any <br /> condition of the grantor or donor. The condition must be consistent with the proper use of <br /> the property under sections 469.090 to 469.108. Property acquired, owned,leased, <br /> controlled, used,or occupied by the authority for any of the purposes of this section is for <br /> public governmental and municipal purposes and is exempt from taxation by the state or <br /> by its political subdivisions, except to the extent that the property is subject to the sales <br /> and use tax under chapter 297A.The exemption applies only while the authority holds <br /> property for its own purpose. The exemption is subject to the provisions of section 272.02, <br /> subdivision 39. When the property is sold it becomes subject to taxation. <br /> Subd. 3. Options. The economic development authority may sign options to <br /> purchase,sell,or lease property. <br /> Subd.4. Eminent domain. The economic development authority may exercise the <br /> power of-eminent domain under chapter 117,or under its city's charter to acquire property <br /> it is authorized to acquire by condemnation. The authority may acquire in this way <br /> property acquired by its owner by eminent domain or property already devoted to a public <br /> use only if its city's council approves. The authority may take possession of property to be <br /> condemned after it files a petition in condemnation proceedings describing the property. <br /> The authority may abandon the condemnation before taking possession. <br /> Subd. 5. Contracts. The economic development authority may make contracts for <br /> the purpose of economic development within the powers given it in sections 469.090 to <br /> 469.108. The authority may contract or arrange with the federal government,or any of its <br /> departments,with persons,public corporations,the state,or any of its political <br /> subdivisions, commissions, or agencies,for separate or joint action,on any matter related <br /> to using the authority's powers or performing its duties.The authority may contract to <br /> purchase and sell real and personal property. An obligation or expense must not be <br /> incurred unless existing appropriations together with the reasonably expected revenue of <br /> the authority from other sources are sufficient to discharge the obligation or pay the <br /> expense when due.The state and its municipal subdivisions are not liable on the <br /> obligations. <br /> Subd. 5a. Construction contracts. For all contracts for construction, alteration, <br /> repair,or maintenance work,the authority may award contracts to the vendor offering the <br /> best value, and"best value" shall be defined and applied as set forth in section 160.28, <br /> subdivisions 1,paragraph(a),clause(2),and paragraph(c),and lb.Alternatively,the <br /> authority may award all contracts for construction,alteration,repair,or maintenance work <br /> to the lowest responsible bidder,reserving the right to reject any or all bids. <br /> Subd. 6. Limited partner. The economic development authority may be a limited <br /> partner in a partnership whose purpose is consistent with the authority's purpose. <br /> https://v;ww.revisor.mn.gov/statutes/?id=469&view--chapter 7/7/2016 <br />