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Rural Development Finance <br />Authority: <br />(continued) <br />Activities: <br />1. Build, obtain and operate <br />projects designed for the <br />production of agricultural <br />products. <br />2. Perform agricultural research. <br />3. Seek aid from additional <br />sources to promote employment. <br />4. Undertake projects authorized <br />under the agricultural resource <br />loan guarantee program. <br />5. May enter contracts and <br />employ financial specialists for <br />assistance. <br />6. Issue bonds or notes for <br />financing purposes. <br />Municipal Industrial Development <br />Act: <br />(continued) <br />Activities <br />1. Build, acquire, and retain all <br />lands, structures, and equipment <br />relating to a project. <br />2. Enter into contracts with other <br />municipalities and agencies in <br />connection with projects. <br />3. Assign revenues from projects <br />to the holders of bonds. <br />4. Sell property associated with <br />projects. <br />5. Exempt from property taxes on <br />nonresidential structures built for <br />sale or rent until the building is <br />sold or rented; maximum time is 4 <br />years. <br />6. May contractually limit its <br />ability to exercise authority, <br />allowing a municipality to enter <br />into a contract with bondholders. <br />7. Make all necessary contracts <br />in order to secure payments of its <br />bonds. <br />Housing Redevelopment <br />Development Authorities <br />(continued) <br />Activities: <br />1. May establish a redevelopment <br />project (Minn. Stat. 469.002) for <br />the elimination/and prevention of <br />blighted areas. <br />2. Carry out projects designed to <br />improve blighted areas. <br />3. Acquire real or personal <br />property for activities related to <br />projects. <br />4. May provide for the <br />administration of a commercial <br />building loan program to preserve <br />small sized buildings in its <br />district. <br />5. May sell real or personal <br />property for project related <br />purposes. <br />6. May sell its lands and <br />properties to private or public <br />parties. Sale is dependent on <br />these parties' responsibility to <br />continue with the redevelopment <br />plan specified by the HRA. <br />7. May act as federal government <br />agent in carrying out provisions of <br />Municipal Housing and <br />Redevelopment Act. <br />8. May exercise the powers <br />granted to redevelopment <br />agencies under Minn. Stat. §§ <br />469.152 to 469.1651. <br />9. Provide relocation payments <br />and assistance in accordance with <br />federal guidelines. <br />31 <br />Economic Authorities <br />(continued) <br />Activities: <br />EDAs are granted powers within <br />their own district, outside their <br />development district, and, by <br />cross-reference, the powers of <br />HRAs, development districts in <br />connection with the City, and <br />agencies in connection with <br />Municipal Industrial <br />Development. <br />Powers: <br />1. Acquire property for creation <br />of development district that is tax <br />exempt. <br />2. Sell or lease land either by <br />private or public means. <br />3. Carry out EDA law to develop <br />and improve land within the <br />district. The EDA may make any <br />necessary arrangements to make <br />land suitable for development. <br />4. Exercise Eminent Domain. <br />5. Enter into contracts for the <br />purpose of economic <br />development. <br />6. Purchase all materials needed <br />to carry out development. <br />7. Engage in research to <br />determine factors of specified <br />development projects. <br />8. Act as a limited partner in <br />contracts with additional parties. <br />Cross reference powers: <br />1. Exercise Industrial <br />Development powers for HRA <br />and EDA powers for industrial <br />development activities. <br />