2A, Economic Development Authority

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privately financed housing intended primarily for occupancy by low and moderate income individuals. Sections 469.0012, Subds. 7 to 9. b. Housing rehabilitation loan and grant program, for property owned by person of low and moderate income. Section 469.012, Subd. 6. c. Down payment assistance loans and grants, where the HRA finds that the program is necessary to promote economic integration or encourage owner occupancy of single family residences. Section 469.012, Subd. 13 HRAs may finance housing projects and housing development projects through issuance of bonds secured by a mortgage on HRA property, a pledge of HRA revenues, or a pledge of grants or contributions from the federal government or any other source. Section 469.012, Subd. lq, Section 469.034. If certain criteria are met, and subject to certain limits, the HRA may sell bonds for housing development projects secured by the City's general obligation pledge, with the City Council's approval after public hearing. Section 469.034, Subd. 2. 2. Redevelopment HRA powers regarding redevelopment are described under the powers to create and operate "redevelopment projects." That term means, generally, any work or undertaking to acquire property in order to remove, prevent or reduce blight or blighting factors; construct utilities and site improvements essential to the preparation of sites for uses in accordance with the redevelopment plan; sell or lease land for uses in accordance with the redevelopment plan; prepare a redevelopment plan; or conduct an "urban renewal project," which itself is broadly defined to include any undertaking for the elimination or prevention of blighted or deteriorating areas. Section 469.002, Subd. 14. The specific schedule of powers regarding redevelopment includes the power: a. To establish a redevelopment project. The HRA (and City Council) must approve a redevelopment plan, which is a general plan for the development or redevelopment of the project area. After a public hearing,with at least 10 days published notice,the City Council must find that: (i) the land in the project area would not be made available for redevelopment without the financial aid to be sought; (ii) the redevelopment plans for the redevelopment areas in the locality will afford maximum opportunity, consistent with the needs of the locality as a whole, for the redevelopment of the areas by private enterprise; and (iii) the redevelopment plan conforms to a general plan for the development of the locality as a whole. SJB-222120vt SA285-04