Agenda - Economic Development Authority - 06/13/2019

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RELEVANT LINKS: Minn. Stat. §§ 469.048- 469.068. Minn. Stat. 469.053. Minn. Stat. § 469.050. Minn. Stat. § 469.051. Minn. Stat. § 469.051. subd. Current law eliminates the requirements that economic development districts established by EDAs meet the "blight test" under tax increment financing law for redevelopment districts. EDAs may exercise powers under the housing and redevelopment authority (HRA) law (if a particular EDA enabling resolution includes HRA power) to create a redevelopment project, housing development, or housing project under which a restrictive blight test does not apply. These projects can be used for similar purposes to those of an economic development district under the EDA law. D. Port authorities The state Legislature authorizes city creation of port authorities. A port authority is a separate political entity with the right to sue and be sued in its own name and is generally organized to increase commerce in a city. Unlike EDAs and HRAs, a port authority may issue general obligation bonds without holding an election. Cities establish a port authority by passing an enabling resolution. It may have from three to seven commissioners (two of whom must be on the city council) appointed by the mayor and approved by the city council, unless a different number or procedure is set out in the enabling law. State law governs commissioner pay, vacancies, duties, and port authority by-laws. A port authority shall annually elect a president or chair, vice-president or vice -chair, treasurer, secretary, and assistant treasurer. A commissioner may not serve as president or chair and vice-president or vice -chair at the same time. The other offices may be held by one commissioner. The offices of secretary and assistant treasurer need not be held by a commissioner. The treasurer of a port authority must be bonded to faithfully perform these duties: • Receive and be responsible for port authority money. • Be responsible for the acts of the assistant treasurer, if appointed. • Disburse port authority money by check or electronic procedures. • Keep an account of the source of all receipts, and the nature, purpose, and authority of all disbursements. • File the authority's detailed financial statement with its secretary at least once a year at times set by the authority. League of Minnesota Cities Handbook for Minnesota Cities 11/4/2014 Community Development and Redevelopment Chapter 15 1 Page 11