Learn About the Law
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Current as of January 01, 2023 | Updated by FindLaw Staff
Subdivision 1. Priorities. (a) If applications for loans exceed the available appropriations, loans shall be made for projects that, in the commissioner's judgment, provide the highest return in public benefits for the public costs incurred. “Public benefits” include health, safety and other environmental benefits, blight reduction including the property's potential for improved economic vitality, functionality and aesthetics, community stabilization, crime reduction, reduced maintenance costs, and the potential for future development. In making this judgment, the commissioner shall consider the following:
(1) the extent to which the existing property conditions threaten public safety;
(2) the length of vacancy of the property;
(3) the development potential of the property;
(4) the proximity of the property to existing sufficient public infrastructure; and
(5) the applicant's financial condition and ability to repay the loan.
(b) The factors in paragraph (a) are not listed in a rank order or priority; rather, the commissioner may weigh each factor, depending upon the facts and circumstances, as the commissioner considers appropriate. The commissioner may consider other factors that affect the net return of public benefits.
Subd. 2. Application cycle. The commissioner shall establish semiannual application deadlines in which loans will be authorized from available money in the accounts.
Cite this article: FindLaw.com - Minnesota Statutes Economic Development and Planning (Ch. 116J-116O) § 116J.5763. Priorities - last updated January 01, 2023 | https://codes.findlaw.com/mn/economic-development-and-planning-ch-116j-116o/mn-st-sect-116j-5763/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Get help with your legal needs
FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.
Search our directory by legal issue
Enter information in one or both fields (Required)