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CHAPTER 15 <br /> III. Other development strategies <br /> A. Housing bonds <br /> Minn.stat.ch.A62C. Cities may use revenue bonds for financing single-and multi-family <br /> housing,primarily for the benefit of low-and moderate-income families. <br /> The law contains single-and multi-family housing criteria and the specific <br /> actions cities must take to comply with the law. Federal law limits the <br /> issuance of housing revenue bonds. Bonding authority is allocated by a state <br /> formula. <br /> B. Industrial parks <br /> An industrial park is a tract of land suitable for industrial use 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 industrial 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 industrial park's purpose is to attract <br /> industrial 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 industrial park development <br /> by establishing a for-profit community development corporation. A city can <br /> cooperate with that corporation through its land-use controls and methods of <br /> financing public improvements. Many cities have also established industrial <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.Suit.§469.185. The law authorizes any city owning lands that are not restricted by deed to <br /> Minn.Stat.§465.0 15. convey the lands for nominal consideration,to encourage and promote <br /> A.c .Op.476-13-21(Mar.2,1 61>. industry,and to provide employment for citizens. In finding that a <br /> City olPipes one v.:ladsen.,2s7 conveyance of.'land for an indoor arena was not within the statute,the <br /> Minn.35_7, 178 N.t .2a 594 attorney general concluded the conveyance must encourage and promote <br /> industry and provide employment for citizens. A more direct promotion of <br /> industry 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 industrial development revenue bond law,discussed <br /> subsequently,against the salve 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 />