469.323 FOREIGN TRADE ZONE AUTHORITY POWERS.
Subdivision 1. Development of regional distribution center.
The foreign trade zone
authority is responsible for creating and implementing a development plan for the regional
distribution center. The regional distribution center must be developed with the purpose of
expanding, on a regional basis, international distribution capacity and capability. The foreign
trade zone authority shall consult only with municipalities that have indicated to the authority an
interest in locating the international economic development zone within their boundaries, as well
as interested businesses, potential financiers, and appropriate state and federal agencies.
Subd. 2. Business plan.
Before designation of an international economic development zone
, the governing body of the foreign trade zone authority shall prepare
a business plan. The findings of the business plan shall be presented to the legislature pursuant
. Copies of the business plan shall be provided to the chairs of committees with
jurisdiction over transportation and economic development. The plan must include an analysis of
the economic feasibility of the regional distribution center once it becomes operational and of the
operations of freight forwarders and other businesses that choose to locate within the boundaries
of the zone. The analysis must provide profitability models that:
(1) include the benefits of the incentives;
(2) estimate the amount of time needed to achieve profitability; and
(3) analyze the length of time incentives will be necessary to the economic viability of the
regional distribution center.
If the governing body of the foreign trade authority determines that the models do not
establish the economic feasibility of the project, the regional distribution center does not meet the
development requirements of this section and section
Subd. 3. Port authority powers.
The governing body of the foreign trade zone authority
may establish a port authority that has the same powers as a port authority established under
. If the foreign trade zone authority establishes a port authority, the governing
body of the foreign trade zone authority may exercise all powers granted to a city by sections
within the area of the international economic development zone, except it
may not impose or request imposition of a property tax levy under section
by any city.
Subd. 4. Business subsidy law.
Tax exemptions and job credits provided under this section
are business subsidies and the foreign trade zone authority is the local government agency for the
purpose of sections
History: 1Sp2005 c 3 art 10 s 16; 2006 c 259 art 13 s 12