1999 Minnesota Statutes

     116J.567 Sale of land. 

    Bond proceeds funds in the account may only be used for 
 redevelopment costs for publicly owned property.  Nonbond 
 proceeds funds in the account 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 nonbond proceeds funds 
 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