Agenda - Council - 10/22/2019 - Laserfiche WebLink

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Options The EDA may sign options to purchase, sell or lease property. This power may be used to set aside a particular building or site for future development purposes. Eminent Domain An EDA may exercise the right of eminent domain under Chapter 117 or under its City's charter to acquire property by condemnation. If the property is owned by the City for public use, the City must approve the taking. Also, the EDA may take possession of the property after it files a petition in condemnation proceedings describing the property -- a practice sometimes referred to as a "quick take" proceeding. Loans An EDA may make loans to businesses to carry out the purposes outlined in the EDA Law (Minn. Stat. § 469.192). Contracts The EDA may enter into contracts with both governmental and non -governmental entities for the purpose of economic development, including the purchase or sale of real and personal property. An EDA may not incur an obligation or expense under the HRA Law, unless it has an existing appropriation, or can identify reasonably expected revenues sufficient to discharge the obligation or pay the expense. Independent authority is found in the EDA Law for the EDA to guarantee loans, as more fully discussed under the "Advances" power described later in this handbook. Limited Partnership An EDA may be a limited partner in a partnership whose purpose is consistent with the EDA's purpose. If a City is participating in a project as a limited partner, it may wish to stipulate in the equity agreement a limit on its current and future liability. This stipulation will serve as a safeguard for the City if legal action is brought against the firm as a result of its operation or inequities in its services or products. Rights and Easements The EDA may acquire rights and easements for development of an economic development district. It may be necessary for an EDA to utilize these powers when extending public infrastructure to a project area. Acceptance of Public Land and Property The EDA may accept land, money, or assistance, either by gift, loan or otherwise, in any form from the federal or state government, or its agencies, or a local subdivision of the state government to carry out its economic development activities. 18