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CHAPTER 15 <br />C. Industrial revenue bonds <br />Minn. Stat. §§ 469.152 to The municipal indu.strial development laws help cities attract new <br />469. 165 1. commercial and. ind.u.strial development, and. keep existing businesses in the <br />city. The law authorizes the council to issue revenue bond.s, and. u.se the <br />proceeds to acquire and. construct indu.strial sites and. facilities. The city then <br />leases these facilities to private ind.u.stry and. uses the rental fee proceeds to <br />retire the bonds. <br />A city may issue ind.u.strial revenue bonds, also known as municipal revenue <br />E. Tax increment financing (TIF) <br />Minn. Stat. § § 469.174 to Tax increment financing authority is available to most cities. Cities with <br />4 9.1 799 hou.sing and. redevelopment authorities, economic development authorities, <br />port authorities, redevelopment agencies, those cities administering <br />development districts or development prqj'ects, or cities exercising port <br />authority powers under a general or special law may u.se tax increment <br />financing. Amendments to the law, however, may make the u.se of this <br />development tool more complicated.. <br />15:14 LEAGUE OF MINNESOTA CITIES <br />This chapter last revised 12/2010 <br />bond.s, without public referendum. It cannot pledge the full faith and. credit <br />of a community as security for these bonds. Thus, the city may not tax <br />property owners to pay principal and. interest on the bonds. <br />For more infonuation,, contact <br />If a city decides to investigate the u.se of indu.strial bond. financing, it should. <br />DEED 651.259.7114,, <br />800.657.3858 or 888.438.5627. <br />contact the Department of Employment and. Economic Development. The <br />Main Office: 1st National Bank <br />department provides the city with information, advice, and. technical <br />Building 332 Minnesota Street, <br />Suite E200 Saint Paut, MN <br />is due to the adoption of federal and. <br />assistance. This assistance important 1 <br />55101-1351. <br />state laws allocating issuance authority among the states and. their political <br />subdivisions. The commissioner of Securities must approve the prqj'ect. <br />uo D . mmercial rehabilitation <br />Minn. Stat. § 469.184. <br />Cities have authority to carry out programs for the rehabilitation of small- <br />and. medium-sized. commercial buildings. The city must adopt a program <br />ordinance that provides for the adoption of program regulations, inclu.d.ing a <br />definition of small- and. medium-sized. commercial buildings. Loans under <br />the program may be for amounts up to $200,000. The city may finance the <br />program through the sale of revenue bonds. <br />E. Tax increment financing (TIF) <br />Minn. Stat. § § 469.174 to Tax increment financing authority is available to most cities. Cities with <br />4 9.1 799 hou.sing and. redevelopment authorities, economic development authorities, <br />port authorities, redevelopment agencies, those cities administering <br />development districts or development prqj'ects, or cities exercising port <br />authority powers under a general or special law may u.se tax increment <br />financing. Amendments to the law, however, may make the u.se of this <br />development tool more complicated.. <br />15:14 LEAGUE OF MINNESOTA CITIES <br />This chapter last revised 12/2010 <br />