Minnesota Session Laws - 1985, Regular Session

  

                         Laws of Minnesota 1985 

                         CHAPTER 68-H.F.No. 580 
           An act relating to economic development; providing for 
          the election of certain community development 
          corporation directors; amending Minnesota Statutes 
          1984, section 116M.04, subdivision 6. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1984, section 116M.04, 
subdivision 6, is amended to read: 
    Subd. 6.  The authority shall designate a community 
development corporation as eligible to receive grants pursuant 
to this section if the corporation: 
    (a) Is a non-profit corporation incorporated under chapter 
317; 
    (b) Designates in its articles of incorporation or bylaws a 
specific geographic community within which it will operate.  At 
least ten percent of the population within the designated 
community must have low income.  Within the metropolitan area as 
defined in section 473.121, subdivision 2, a designated 
community shall be an identifiable neighborhood, or a 
combination of neighborhoods or home rule charter or statutory 
cities, townships, unincorporated areas or combinations 
thereof.  Outstate designated communities shall to the extent 
possible not cross existing economic development boundaries; 
    (c) Limits voting membership to residents of the designated 
community; 
    (d) Has a board of directors with 15 to 30 members, unless 
the corporation can demonstrate to the authority that a smaller 
or larger board is more advantageous.  At least 40 percent of 
the directors shall have low incomes that do not exceed 80 
percent of the county median family income and is not greater 
than 80 percent of the statewide median family income, as 
determined by the state demographer, and the remaining directors 
shall be members of the business or financial community and the 
community at large.  At least 60 percent of the directors shall 
be residents of the designated community, and to the greatest 
extent possible directors shall be residents of the designated 
community.  The low income directors who must meet the income 
limitations of this paragraph shall be elected by the members of 
the corporation, and the remaining directors may be elected by 
the members of the corporation or selected by the low income 
directors who must meet the income limitations of this paragraph;
and 
    (e) Hires low income residents of the designated community 
to fill non-managerial and non-professional positions. 
    Approved May 6, 1985