2001 Minnesota Statutes

     116J.567 Sale of land. 

    Money in the account in the bond proceeds fund may only be 
 used for redevelopment costs for publicly owned property.  Money 
 in the account in the general fund may be used for redevelopment 
 costs as defined in section 116J.562, subdivision 2, provided 
 that the land upon which the improvements are made will 
 ultimately be sold to a private developer at the fair market 
 value of the land, unless it can be determined by the 
 commissioner that a sale for less than fair market value does 
 not result in a subsidy to a private business or developer.  Net 
 sale proceeds, up to the amount of the grant, must be paid to 
 the account by the development authority within two years of the 
 sale.  The sale and repayment provisions of this section do not 
 apply to lands that will be acquired with money other than bond 
 proceeds and retained in public ownership for infrastructure 
 improvement and ponding or other environmental infrastructure.  
 For the purpose of this section, "net sales proceeds" means the 
 purchase price of the land minus redevelopment costs related to 
 the land including redevelopment costs paid with grants made 
 under section 116J.564. 

    HIST: 1998 c 404 s 47; 1999 c 203 s 6; 2000 c 492 art 1 s 46