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RELEVANT LINKS: <br /> C. Industrial revenue bonds <br /> Minn.stat.§§469.152 to The municipal industrial development laws help cities attract new <br /> 469.1655. <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 /> For more information, If a city decides to investigate the use of industrial bond financing, it <br /> contact DEED 651.259.7114, <br /> 800.657.3858.Main office: should contact the Department of Employment and Economic <br /> 1stNational Bank Building Development. The department provides the city with information, advice, <br /> 332 Minnesota Street,Suite <br /> E200 saint Paul,MN 55101- and technical assistance. This assistance is important, due to the adoption <br /> 1351. 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 /> Minn.stat.§469.184. 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 /> Minn.stat.§§469.174 to Tax increment financing authority is available to most cities. Cities with <br /> 469.1794. <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 15 1 Page 15 <br />