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RELEVANT LINKS: <br /> III. Other development strategies <br /> A. Housing bonds <br /> Minn.Stat.oh.462C. Cities may use revenue bonds for financing single- and multi-family <br /> housing, primarily for the benefit of low- and moderate-income families. <br /> The law contains single- and multi-family housing criteria and the specific <br /> actions cities must take to comply with the law. Federal law limits the <br /> issuance of housing revenue bonds. Bonding authority is allocated by a <br /> state formula. <br /> B. Industrial parks <br /> An industrial park is a tract of land suitable for industrial use because of <br /> location, topography,proper zoning, availability to utilities, and <br /> accessibility to transportation. A single body has administrative control of <br /> the tract. In some cities, an industrial park may be little more than a tract <br /> of unimproved land, while in other cities it may be totally served by city <br /> services and have restrictive building requirements. An industrial park's <br /> purpose is to attract industrial development. <br /> Property a city holds for later sale for economic development purposes <br /> remains tax exempt for a period of eight years, or until buildings or other <br /> improvements that are constructed after acquisition reach one-half <br /> occupancy. <br /> Currently,private enterprise creates most new industrial park development <br /> by establishing a for-profit community development corporation. A city <br /> can cooperate with that corporation through its land-use controls and <br /> methods of financing public improvements. Many cities have also <br /> established industrial parks complete with streets,water, and sewer, in <br /> spite of the possible tax ramifications. The city then sells or leases a <br /> portion of the park to a business needing a location for its building. <br /> Minn.stat.§469.185. The law authorizes any city owning lands that are not restricted by deed to <br /> Minn.Stat.§465.035. <br /> A.G.Op.476-B-2(Mar.2, convey the lands for nominal consideration, to encourage and promote <br /> 1961). industry, and to provide employment for citizens. In finding that a <br /> City of Pipestone v.Madsen, <br /> 287 Minn.357,178 N.w.2d conveyance of land for an indoor arena was not within the statute, the <br /> 594(1970). attorney general concluded the conveyance must encourage and promote <br /> industry and provide employment for citizens. A more direct promotion of <br /> industry is necessary, beyond the fact that more potential customers might <br /> be in town as a result of athletic contests. However,the courts have upheld <br /> the municipal industrial development revenue bond law, discussed <br /> subsequently, against the same objection. The city's attorney can best <br /> advise the city concerning the legality of a purchase of land for resale. <br /> League of Minnesota Cities Handbook for Minnesota Cities 11/4/2014 <br /> Community Development and Redevelopment Chapter 15 1 Page 14 <br />