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CHAPTER 15 <br /> C. Industrial revenue bonds <br /> Minn.Stat.§g 469.152 to The municipal industrial development laws help cities attract new <br /> 41,9.1651. <br /> commercial and industrial development, and keep existing businesses in the <br /> city. The law authorizes the council to issue revenue bonds, and use the <br /> proceeds to acquire and construct industrial sites and facilities. The city then <br /> leases these facilities to private industry and uses the rental fee proceeds to <br /> retire the bonds. <br /> A city may issue industrial revenue bonds,also known as;;municipal revenue <br /> bonds,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 information,contact If a city decides to investigate the use of industrial bond financing,it should <br /> 800.65 .3858 or 888. contact the Department of Employment and Economic Development. The <br /> 800.657.3858 or 888.438.5627. h p <br /> Main Office: 1st National Bank department provides the city with information, advice,and technical <br /> Building 332 Minnesota Street, assistance.This assistance is important, due to the adoption of federal and <br /> Suite E200 Saint Paul,MN <br /> 55101-1351. state laws allocating issuance authority among the states and their political <br /> subdivisions. The commissioner of Securities must approve the project. <br /> D. Commercial rehabilitation <br /> Minn.Stat.3 469.184. 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,including 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 /> 69.1?99. <br /> housing and redevelopment authorities, economic development authorities, <br /> port authorities,redevelopment agencies,those cities administering <br /> development districts or development projects,or cities exercising port <br /> authority powers under a general or special law may use tax increment <br /> financing. Amendments to the law,however,may make the use of this <br /> development tool more complicated. <br /> 15:14 LEAGUE OF MINNESOTA CITIES <br /> This chapter last revised 12/2010 <br />