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CHAPTER 15 <br />UL Other deiveil�opmeint strateigi�eis <br />A. H u s i nn g ni ds <br />Minn. Stat. ch. 462C. Cities may u.se revenue bonds for financing single- and. mu1ti-family <br />hou.sing, primarily for the benefit of low- and. moderate-income families. <br />The law contains single- and. mu1ti-family hou.sing criteria and. the specific <br />actions cities must take to comply with the law. Federal law limits the <br />issuance of hou.sing revenue bonds. Bonding authority is allocated. by a state <br />formula. <br />"Mm. romm <br />An ind.u.strial park is a tract of land. suitable for ind.u.strial u.se because of <br />location, topography, proper zoning, availability to utilities, and. accessibility <br />to transportation. A single body has administrative control of the tract. In <br />some cities, an ind.u.strial park may be little more than a tract of unimproved. <br />land., while in other cities it may be totally served. by city services and. have <br />restrictive building requirements. An ind.u.strial park's purpose is to attract <br />ind.u.strial development. <br />Property a city holds for later sale for economic development purposes <br />remains tax exempt for a period. of eight years, or until buildings or other <br />improvements that are constructed. after acquisition reach one-half <br />occupancy. <br />Currently, private enterprise creates most new ind.u.strial park development <br />by establishing a for-profit community development corporation. A city can <br />cooperate with that corporation through its land.-u.se controls and. methods of <br />financing public improvements. Many cities have also established. ind.u.strial <br />parks complete with streets, water, and. sewer, in spite of the possible tax <br />ramifications. The city then sells or leases a portion of the park to a business <br />needing a location for its building. <br />Minn. Stat. § 469.185. <br />The law authorizes any city owning lands that are not restricted. by deed. to <br />Minn. Stat. § 465.035. <br />convey the land.s for nominal consideration to encourage and. promote <br />A.G. Op. 476-13-2 (Mar. 2, 196�1). <br />ind.u.stry, and. to provide employment for citizens. In finding that a <br />04� o <br />. J'Pipestow i,,. Madsei7, 287 <br />conveyance of land. for an indoor arena was not within the statute, the <br />Minn. 357.1, 178 N.W.2d 594 <br />attorney general conclu.ded. the conveyance must encourage and. promote <br />indu.stry and. provide employment for citizens. A more direct promotion of <br />indu.stry is necessary, beyond. the fact that more potential customers might <br />be in town as a result of athletic contests. However, the courts have upheld. <br />the municipal ind.u.strial development revenue bond. law, d.iscu.ssed. <br />subsequently, against the same objection. The city's attorney can best advise <br />the city concerning the legality of a purchase of land. for resale. <br />HANDBOOK FOR MINNESOTA CITIES 15:13 <br />This chapter last revised 12/2010 <br />