new text begin Subdivision 1. new text end

new text begin Definitions. new text end

new text begin (a) For the purposes of this section, the following terms have
the meanings given.
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new text begin (b) "Authority" means the Brooklyn Park Economic Development Authority.
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new text begin (c) "Biotech innovation district" means a geographic area in the city identified in the
development plan.
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new text begin (d) "City" means the city of Brooklyn Park.
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new text begin (e) "Development plan" means the plan adopted under subdivision 2.
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new text begin (f) "Project" means a project to implement the development plan.
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new text begin (g) "Public infrastructure project" means a project financed at least partially with public
money to:
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new text begin (1) acquire or remediate real property, including site improvement;
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new text begin (2) demolish, repair, or rehabilitate buildings;
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new text begin (3) install, construct, or reconstruct public infrastructure necessary for the biotech
innovation district;
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new text begin (4) acquire, construct, reconstruct, develop, or equip parking facilities and other
transit-related facilities; and
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new text begin (5) acquire, install, construct, reconstruct, develop, or equip recreational, social, cultural,
or tourism facilities.
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new text begin Subd. 2. new text end

new text begin Development plan. new text end

new text begin (a) The authority must prepare a plan for the development
of a biotech innovation district within the city. At least 60 days prior to a hearing on adopting
the proposed development plan, the economic development authority must provide copies
of the proposed development plan to the city, which the city must make available to the
public in its offices and on the city's website. At least ten days before the hearing, the
authority must publish notice of the hearing in a newspaper selected by the city for
publication of the notice. At the hearing, the authority may only adopt the plan if it finds
that:
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new text begin (1) the plan provides an outline for the development of the city as a site of biotech
innovation;
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new text begin (2) the plan identifies the location of the proposed biotech innovation district;
new text end

new text begin (3) the plan is sufficiently complete, including the identification of planned and
anticipated projects, to indicate its relationship to definite state and local objectives;
new text end

new text begin (4) the proposed development affords maximum opportunity, consistent with the needs
of the city, county, and state, for the development of the city by private enterprise as a
biotech innovation district;
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new text begin (5) the plan conforms to the general plan for the development of the city and is consistent
with the city comprehensive plan;
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new text begin (6) the city has approved the plan; and
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new text begin (7) the plan includes:
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new text begin (i) strategic planning consistent with a biotech innovation district;
new text end

new text begin (ii) a framework to identify and prioritize short- and long-term public investment and
public infrastructure project development and to facilitate private investment and
development;
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new text begin (iii) land use planning;
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new text begin (iv) multimodal transportation planning;
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new text begin (v) goals, objectives, and strategies to increase racial equity and to create community
wealth for city residents, local businesses, and businesses owned by women and people of
color, guided by the city's racial equity principles; and
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new text begin (vi) ongoing market research plans.
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new text begin (b) In identifying planned and anticipated projects under paragraph (a), clause (2), the
authority must prioritize projects that will pay a wage covering the cost of living for Hennepin
County, calculated using the most recent report completed pursuant to Minnesota Statutes,
section 116J.013.
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new text begin (c) The city must adopt the development plan within 60 days following its adoption by
the authority and may incorporate the development plan into the city's comprehensive plan.
Minnesota Statutes, section 15.99, does not apply to review and approval of the development
plan.
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new text begin (d) The authority may modify the development plan at any time and must modify the
plan at least once every five years. To modify the development plan, the authority must
follow the same procedures set out in paragraph (a) for the development plan.
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new text begin (e) When preparing the proposed development plan, the authority must seek input from
the community and other partners such as biotech trade associations, the City of Brooklyn
Park Planning Commission, the City of Brooklyn Park Community Long-Range Improvement
Committee, skilled trades, and other regional partners.
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new text begin Subd. 3. new text end

new text begin Special powers; requirements; limitations. new text end

new text begin (a) In implementing the
development plan, the city may exercise the powers of a port authority under Minnesota
Statutes, section 469.048 to 469.068.
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new text begin (b) The city must provide financial and administrative support to the authority and may
appropriate city funds to the authority for its work in developing and implementing the
development plan.
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new text begin (c) The city may issue general obligation bonds, revenue bonds, or other obligations to
finance the development and implementation of the development project. Debt under