1.1                          A bill for an act 
  1.2             relating to economic development; modifying public 
  1.3             notice requirements for sale or lease of property by a 
  1.4             housing and redevelopment authority; amending 
  1.5             Minnesota Statutes 1996, section 469.029, subdivision 
  1.6             2. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 1996, section 469.029, 
  1.9   subdivision 2, is amended to read: 
  1.10     Subd. 2.  [NOTICE; PUBLIC HEARING; DETERMINATION; TERMS AND 
  1.11  CONDITIONS.] (a) Any such lease or sale may be made without 
  1.12  public bidding but only after a public hearing, after published 
  1.13  notice as described in paragraphs (b), (c), and (d), by the 
  1.14  authority at least once not less than ten days nor more than 30 
  1.15  days prior to the date of the hearing upon the proposed lease or 
  1.16  sale and the provisions thereof.  
  1.17     (b) Any proposed sale or lease of nonresidential property 
  1.18  or the sale of residential property with an assessed value of 
  1.19  less than $500,000 must be prominently advertised in an official 
  1.20  newspaper of general circulation in the community.  The 
  1.21  newspaper selected must be one of general interest and 
  1.22  readership in the community, and not of limited subject matter.  
  1.23  The advertisement must appear in a newspaper that is published 
  1.24  at least once a week.  The advertisement must be at least 1/12 
  1.25  page in size of a standard-size or a tabloid-size newspaper. 
  1.26     (c) A sale or lease of property with an assessed value of 
  2.1   $500,000 or more is subject to the notice requirements described 
  2.2   in paragraph (b) except that the advertisement also must appear 
  2.3   in a newspaper with a paid statewide circulation of 100,000 or 
  2.4   more. 
  2.5      (d) Any property that is made available by an authority for 
  2.6   sale or lease must have a sign prominently displayed on the 
  2.7   property in question notifying the public that the property is 
  2.8   available for sale or lease.  The sign must indicate who to 
  2.9   contact for additional information regarding the property. 
  2.10     (e) The terms of any such lease shall be fixed by the 
  2.11  authority, and the instrument of lease may provide for renewals 
  2.12  upon reappraisals and with rentals and other provisions adjusted 
  2.13  to the reappraisals.  Every such lease or sale shall provide 
  2.14  that the lessee or purchaser shall carry out or cause to be 
  2.15  carried out the approved project area redevelopment plan or 
  2.16  approved modifications thereof and that no use shall be made of 
  2.17  any land or real property included in the lease or sale nor any 
  2.18  building or structure erected thereon which does not conform to 
  2.19  the approved plan or approved modifications thereof.  In the 
  2.20  instrument of lease or sale the authority may include other 
  2.21  terms, conditions, and provisions in the judgment of the 
  2.22  authority will provide reasonable assurance of the priority of 
  2.23  the obligations of the lease or sale and of conformance to the 
  2.24  plan over any other obligations of the lessee or purchaser, and 
  2.25  also assurance of the financial and legal ability of the lessee 
  2.26  or purchaser to carry out and conform to the plan and the terms 
  2.27  and conditions of the lease or sale, to begin the building of 
  2.28  any improvements within a period of time which the authority 
  2.29  fixes as reasonable.  The instrument shall also include the 
  2.30  terms, conditions, and specifications concerning buildings, 
  2.31  improvements, subleases, or tenancies, maintenance and 
  2.32  management, and any other related matters the authority may 
  2.33  reasonably impose or approve, including provisions whereby the 
  2.34  obligations to carry out and conform to the project area plan 
  2.35  shall run with the land.  If maximum rentals to be charged to 
  2.36  tenants of housing are specified, provision may be made for 
  3.1   periodic reconsideration of the rental bases, with a view to 
  3.2   proposing modification of the project area plan with respect to 
  3.3   the rentals.