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469 2015 Minnesota Statutes Page 13 of 15 <br /> I <br /> 469.104 SECTIONS THAT APPLY IF FEDERAL LIMIT APPLIES. <br /> Sections 474A.01 to 474A.21 apply to obligations issued under sections 469.090 to <br /> 469.108 that are limited by federal tax law as defined in section 474A.02,subdivision 8. <br /> History: 1987 c 291 s 105;2005 c 10 aft I s 71 <br /> 469.105 SALE OF PROPERTY. <br /> Subdivision 1. Power. An economic development authority may sell and convey <br /> property owned by it within the city or an economic development district if it determines <br /> that the sale and conveyance are in the best interests of the city or district and its people, <br /> and that the transaction furthers its general plan of economic development. This section is <br /> not limited by other law on powers of economic development authorities. <br /> Subd. 2. Notice; hearing. An authority shall hold a hearing on the sale.At the <br /> hearing a taxpayer may testify for or against the sale.At least ten, but not more than 20, <br /> days before the hearing the authority shall publish notice of the hearing on the proposed <br /> sale in a newspaper.The newspaper must be published and have general circulation in the <br /> authority's county and city. The notice must describe the property to be sold and state the <br /> time and place of the hearing.The notice must also state that the public may see the terms <br /> and conditions of the sale at the authority's office and that at the hearing the authority wi I I <br /> meet to decide if the sale is advisable. <br /> Subd. 3. Decision; appeal. The authority shall make its findings and decision on t <br /> whether the sale is advisable and enter its decision on its records within 30 days of the <br /> hearing.A taxpayer may appeal the decision by tiling a notice of appeal with the district <br /> court in the city or economic development district's county and serving the notice on the <br /> secretary of the authority,within 20 days after the decision is entered.The only ground for <br /> appeal is that the action of the authority was arbitrary,capricious,or contrary to law. <br /> Subd.4. Terms. The terms and conditions of sale of the property must include the <br /> use that the bidder will be allowed to make of it. The authority may require the purchaser <br /> to file security to assure that the property will be given that use. In deciding the sale terms <br /> and conditions the authority may consider the nature of the proposed use and the relation <br /> of the use to the improvement of the authority's city and the business and the facilities of <br /> the authority in general. The sale must be made on the authority's terms and conditions. <br /> The authority may publish an advertisement for bids on the property at the same time and <br /> in the same manner as the notice of hearing required in this section.The authority may <br /> award the sale to the bid considered by it to be most favorable considering the price and <br /> the specified intended use. The authority may also sell the property at private sale at a <br /> negotiated price if after its hearing the authority considers that sale to be in the public <br /> interest and to further the aims and purposes of sections 469.090 to 469.108. <br /> Subd. 5. One-year deadline: Within one year from the date of purchase,the <br /> purchaser shall devote the property to its intended use or begin work on the improvements <br /> to the property to devote it to that use. If the purchaser fails to do so,the authority may <br /> cancel the sale and title to the property shall return to it. The authority may extend the time <br /> to comply with a condition if the purchaser has good cause. The terms of sale may contain <br /> other provisions that the authority considers necessary and proper to protect the public <br /> interest. A purchaser must not transfer title to the property within one year of purchase <br /> without the consent of the authority. <br /> Subd.6. Covenant running with the land. A sale made under this section must <br /> incorporate in the deed as a covenant running with the land the conditions of sections <br /> 469.090 to 469.108 relating to the use of the land. If the covenant is violated the authority <br /> may declare a breach of the covenant and seek a judicial decree from the district court <br /> declaring a forfeiture and a cancellation of the deed. <br /> Subd. 7. Plans;specifications. A conveyance must not be made until the purchaser <br /> gives the authority plans and specifications to develop the property sold.The authority <br /> https://www.revisor.mn.gov/statutes/?id=469&view=chapter 7/7/2016 <br />