(A) Development districts. The Authority may create and define the boundaries of economic development districts and use the powers granted to carry out economic development in these districts.
(B) Acquire property. The Authority may acquire, by lease, purchase, devise or through condemnation proceedings, title in property to create economic development in these districts. Property acquired, leased, owned, controlled, used or occupied by the Authority for any of the purposes of M.S. § 469.101, Subd. 2, is for public governmental and municipal purposes and is exempt from taxation by the state or its political subdivisions. The exemption from property taxes only applies while the Authority holds the property for its own purpose(s).
(C) Options. The Authority may negotiate and acquire options to purchase, sell or lease property for the purpose of economic development.
(D) Contracts. The Authority may make contracts for the purpose of economic development.
(E) Limited partnerships. The Authority may become a limited partner in a partnership.
(F) Rights and easements. The Authority may acquire rights or easements for a term of years or perpetually.
(G) Receive public property. The Authority may accept land, money or other assistance, whether by gift, grant, loan or otherwise in any form from federal, state, local government, any agency of either or a local division of state government.
(H) Public facilities. The Authority may operate, maintain a public parking facility, housing facility or other public facilities to promote economic development in the area.
(I) Other powers. The Authority shall have such other powers as authorized as described in the Act.
(Ord. 683, passed 10-20-09)