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IV. <br /> <br />Be <br /> <br />Authority. The economic development authority may exercise ~11 of <br />the ~owers that the previous governing unit exercised with respect to <br />the proiect. Minnesota Statutes Section 469.094, subd. 2. <br />Establishment of an Economic Development District. Pursuant to <br />Minnesota Statutes, Section 469.101, sulxl. 1, an Authority may <br /> <br />create an economic development district(s) (the "District") at any <br />place or places' within the city provided that: <br /> <br />1. The District must satisfy the requirements of Minnesota <br /> Statutes, Section 469.174, subd. 10 (findings for a <br /> redevelopment tax increment financing district). <br /> <br />2. The District boundaries must be contiguous. <br /> <br />3. The Authority holds a public hearing on the establishment of <br /> the District with at least a ten-day publication notice. <br /> <br />4. The Authority makes the finding that the District is proper <br /> and desirable to establish and develop within the city. <br /> <br />Powers of the <br /> <br /> Authority. <br /> <br />Property. Pursuant to Minnesota Statutes., Section 469.101, subd. 2, <br />3, 4, 5, 6, 7, 10, 13, 17 and 18: <br /> <br />1. An Authority may acquire by lease, purchase, gift, devise, or <br /> eondemnation proceedings, the needed right, title and interest <br /> in property to create economic development districts. <br /> <br />2. An Authority may sign options to purchase, sell or lease <br /> property. <br /> <br />3. An Authority may use eminent domain to acquire property it is <br /> authorized to acquire by condemnation. <br /> <br />4. An Authority may make contracts for the purpose of economic <br /> development within the powers given in Chapter 455C. The <br /> Authority may contract to purchase and sell real and personal <br /> property. However, an obligation must not be incurred except <br /> when existing funds together with reasonable expected <br /> revenue of the Authority from other sources are sufficient to <br /> either discharge the obligation or pay the expense when due. <br /> <br />5. The Authority may be a limited partner in a partnership as <br /> long as the purpose of the partnership is consistent with the <br /> Authority's purpose. <br /> <br /> 6. The Authority may acquire property rights or an easement for <br /> the development of a district. <br /> <br /> 7. The Authority may sell or lease land held by it in a District for <br /> economic development. <br /> <br />4 <br /> <br /> <br />