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60 MINNESOTA STATUTES 2010 469.059 own purpose. When property is sold it begins to be taxed again. Subd. 3. Options. The port authority may sign options to purchase, sell,or lease property. Subd. 4. Eminent domain. The port authority may exercise the power of eminent domain under chapter 117, or under its city's charter to acquire property it is authorized to acquire by condemnation. The port authority may acquire in this way property acquired by its owner by eminent domain or property already devoted to a public use only if its city's council approves. The port authority may take possession of property to be condemned after it files a petition in condemnation proceedings describing the property. The authority may abandon the condemnation before taking possession. Subd. 5. Contracts. The port authority may make contracts for an industrial development purpose within the powers given it in sections 469.049, 469.050, and 469.058 to 469.068. Subd. 6. Partner. The port authority may be a limited partner. Subd. 7. Rights; easements. The port authority may acquire rights or an easement for a term of years or perpetually for development of an industrial district. Subd. 8. Supplies; materials. The port authority may buy the supplies and materials it needs to carry out this section. Subd. 9. Receive public property. The port authority may accept land, money, or other assistance, whether by gift, loan or otherwise, in any form from the federal or state government, or an agency of either, or a local subdivision of state government to carry out sections 469.048 • to 469.068 and to acquire and develop an industrial development district and its facilities under this section. Subd. 10. Tax-forfeited land. The port authority may use the power of a governmental subdivision under section 282.01 to acquire land for and develop an industrial development district. The authority may exercise the power of a city of the first class under that section to acquire land forfeited to the state for nonpayment of taxes. Subd. 11. Procedure. Tax-forfeited lands in an industrial development district that are vested in the state shall be conveyed to the port authority that is developing the district for one dollar per tract. The port authority may use and later resell the land for purposes of sections 469.048 to 469.068. In conveying tax-forfeited land to a port authority,the state may not retain a possibility of reverter or right of reentry as it does under section 282.01, subdivision 1e. The commissioner of revenue shall convey tax-forfeited parcels in an industrial development district to the port authority, if the authority petitions for conveyance under sections 469.048 to 469.068 and pays $1 per tract. The attorney general shall approve the form of the deed of conveyance. The port authority shall receive absolute title to the tract, subject only to a reservation of minerals and mineral rights, under section 282.12. The deed of conveyance must not contain a restriction on the use of the premises. The conveyance divests the state of all further right,title,claim or interest in the tracts, except for the reservation of minerals and mineral rights. Subd. 12. Development district power. The port authority may sell or lease land held by it for river, harbor or industrial development in industrial development districts. The authority may, if in the public interest, build suitable buildings or structures on land owned by it. The Copyright©2010 by the Office of the Revisor of Statutes,State of Minnesota.All Rights Reserved.