Subdivision 1. Establishment.
A city may, by adopting an enabling resolution in compliance with the procedural requirements of section 469.093 , establish an economic development authority that, subject to section 469.092 , has the powers contained in sections 469.090 to 469.108 and the powers of a housing and redevelopment authority under sections 469.001 to 469.047 or other law, and of a city under sections 469.124 to 469.133 or other law. If the economic development authority exercises the powers of a housing and redevelopment authority contained in sections 469.001 to 469.047 or other law, the city shall exercise the powers relating to a housing and redevelopment authority granted to a city by sections 469.001 to 469.047 or other law.
Subd. 2. Characteristics.
An economic development authority is a public body corporate and politic and a political subdivision of the state with the right to sue and be sued in its own name. An authority carries out an essential governmental function when it exercises its power, but the authority is not immune from liability because of this.
Subd. 3. Unpaid officers, directors, and agents; liability.
Section 317A.257 applies to an economic development authority or to a nonprofit corporation exercising the powers of an economic development authority.