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2012-04-17_packet
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2012-04-17_packet
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Housing Redevelopment Authority
Commission/Committee - Document Type
Agenda/Packet
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4/17/2012
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assign, pledge or dispose of any real or personal property or any interest therein. Section <br />469.012, Subd. 1w. Sale or lease of land in a redevelopment project generally requires a <br />public hearing with 10 days published notice and restrictions on use or resale of the property <br />to accomplish the public purpose of the redevelopment plan. Section 469.029. <br />l. To exercise the powers of a City in carrying out a commercial rehabilitation loan program <br />under Section 469.184, if the City by ordinance so authorizes. Section 469.184, Subd. 7. <br />m. To make loans to a business, a for-profit or nonprofit organization, or an individual for any <br />purpose that an HRA is otherwise authorized to carry out under the HRA Act. Section <br />469.192. <br />Note than an HRA may issue revenue bonds, but may not issue bonds secured by the City’s full faith <br />and credit, with one exception: the City Council may pledge the City’s full faith and credit to HRA <br />bonds issued to finance “qualified housing development projects.” Those projects must be rental <br />housing, owned by the HRA and intended for occupancy by elderly or persons with no more than <br />80% of median income, and where revenues are expected to cover at least 110% of debt service on <br />the bonds. <br />In addition to the powers described above, HRAs are one of the "authorities" with the power to <br />establish tax increment financing districts (with City Council approval) under Sections 469.174 to <br />469.179. The tax increment must be used to finance or otherwise pay the "public redevelopment <br />costs" pursuant to the HRA Act, which term is defined to mean the entire cost of a "project" (See <br />Footnote 1), including administrative expense of the HRA allocable to the project and debt charges <br />an all other costs authorized to be incurred by the HRA in the HRA Act. <br />B. EDAs <br />The powers of an EDA are more ambiguous and complex than those of an HRA. Most of the powers <br />specified in the EDA Act itself must be exercised within an “economic development district” (not to <br />be confused with a tax increment financing district with the same name). Until 2010, an EDA <br />economic development district was required to meet all the requirements of a redevelopment tax <br />increment financing district, including the finding that more than 50% of the buildings are <br />structurally substandard. The odd result was that, despite the name, the core of the EDA Act <br />provided powers only in an area that meets stringent redevelopment criteria. <br />Legislation in 2010 finally corrected this problem by removing the redevelopment tax increment <br />reference. Now, EDAs may create economic development districts in any contiguous area that the <br />EDA deems appropriate. <br />In addition, EDA Act offers significant flexibility because of its cross-referencing provisions. An <br />EDA has all the powers of an HRA (described above) and all the powers of a city under Minnesota <br />Statutes, Sections 469.124 to 469.134 (the “Municipal Development District Act”). The Municipal <br />Development District Act provides broad authority to carry out economic development. Further, an <br />EDA may use powers under Sections 469.152 to 469.165 (the “Municipal Industrial Development <br />Act”) for a purpose under the HRA Act or EDA Act, and may use the powers under the HRA Act <br />SJB-222120v1 <br />4 <br /> <br />
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