2007 Minnesota Statutes

469.205 CITY POWERS; USES OF TARGETED NEIGHBORHOOD MONEY.
    Subdivision 1. Consolidation of existing powers in targeted neighborhoods. A city may
exercise any of its corporate powers within a targeted neighborhood. Those powers shall include,
but not be limited to, all of the powers enumerated and granted to any city by chapters 462C, 469,
and 474A. For the purposes of sections 469.048 to 469.068, a targeted neighborhood is considered
an industrial development district. A city may exercise the powers of sections 469.048 to 469.068
in conjunction with, and in addition to, exercising the powers granted by sections 469.001 to
469.047 and chapter 462C, in order to promote and assist housing construction and rehabilitation
within a targeted neighborhood. For the purposes of section 462C.02, subdivision 9, a targeted
neighborhood is considered a "targeted area."
    Subd. 2. Grants and loans. In addition to the authority granted by other law, a city may
make grants, loans, and other forms of public assistance to individuals, for-profit and nonprofit
corporations, and other organizations to implement a revitalization program. The public assistance
must contain the terms the city considers proper to implement a revitalization program.
    Subd. 3. Eligible uses of targeted neighborhood money. The city may spend targeted
neighborhood money for any purpose authorized by subdivision 1 or 2, except that an amount
equal to at least 50 percent of the state payment under section 469.204 made to the city must
be used for housing activities. Use of target neighborhood money must be authorized in a
revitalization program.
History: 1989 c 328 art 6 s 16