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CHAPTER 15 <br /> G. City industrial development <br />Minn. Stat. §§469.152 to For the purpose of attracting industrial and commercial development and <br />469.1651; encouraging local governments to prevent economic deterioration, any home <br />Minn. star. § a69.ts2. rule charter or statutory city or its redevelopment agency has the power to <br /> promote industrial development by: <br /> • Acquiring, constructing, and holding lands, buildings, easements, <br /> improvements to lands and buildings, capital equipment, and inventory <br /> for industrial projects. <br /> • Issuing revenue bonds and entering into revenue agreements to finance <br /> these activities to promote industrial projects. <br />Minn. Stat. § 469.155, subd. a. • Refinancing health care and other facilities. <br /> Under the legislation, cities assist industries in starting operations and use <br /> generated revenues to repay the costs. This law is the basis for issuing most <br /> industrial revenue bonds. <br />Minn. Stat. § 469.153, subd. z; Industrial projects eligible for assistance include any revenue-producing <br /> enterprises engaged in assembling, fabricating, manufacturing, mixing, <br /> processing, storing, warehousing, or distributing any products of agriculture, <br /> forestry, mining, or manufacturing; or in research and development activity <br />Minn. star. § a69.16ss. in these fields; or in the manufacturing, creation, or production of intangible <br /> property, including any patent, copyright, formula, process, design, know <br /> how, format, or other similar item. "Project" also includes any properties <br /> designated as a qualified green building and sustainable design project under <br /> state law. Eligible projects may include costs related to dewatering <br /> activities. <br />Minn. Stat. § 469.155, subd. la. The law prohibits a city from operating any of these projects as a business or <br /> in any other manner. <br />III. Other development strategies <br />A. Housing bonds <br />Mann. star. 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 />15:12 <br />LEAGUE OF MINNESOTA CTTIES <br />This chapter last revised 12/1/2011 <br />