Two or more municipalities, by agreement entered into through action of their governing bodies, may jointly exercise any of the powers conferred by sections 469.109 to 469.123 after the governing body of each of the municipalities has adopted the resolution provided for in section 469.111, subdivision 1.
The agreement shall set forth its purpose and the powers to be exercised, and it shall provide for the method by which the purpose sought shall be accomplished or the manner in which the power shall be exercised.
The agreement shall provide for the establishment of a joint board of commissioners to exercise on behalf of the entire redevelopment area all of the powers authorized or conferred upon any municipality by the terms of sections 469.109 to 469.123. The joint board shall be selected from the board of commissioners of the municipalities entering into the joint agreement and shall be chosen by a vote of the respective boards; provided that the governor shall also appoint one member to the joint board from the state at large. The joint board shall consist of not less than seven nor more than 11 members.
The agreement may be continued for a definite term or until rescinded or terminated in accordance with its terms.
The agreement shall provide for the disposition of any property acquired as a result of the joint exercise of powers and the return of any surplus money in proportion to contributions of the several contracting parties after the purpose of the agreement has been completed.
The residence requirements for holding office in any governmental unit shall not apply to any officer appointed to carry out any such agreement.