The commissioner may make loans to development authorities for projects that meet the criteria under sections 116J.5761 to 116J.5764 . The commissioner may make a loan for up to 100 percent of the estimated land acquisition and demolition costs of the project. The determination whether to make a loan for a project is within the discretion of the commissioner, subject to sections 116J.5761 to 116J.5764 , and available unencumbered money in the redevelopment accounts. The commissioner's decisions and application of the priorities under this section are not subject to judicial review, except for abuse of discretion. A project qualifies for a loan under this section, if the following criteria are met: (1) the property and structures are owned by the development authority; (2) the structures on the property have been vacant for at least one year; (3) the structures constitute a threat to public safety because of inadequate maintenance, dilapidation, obsolescence, or abandonment; (4) the structures are not listed on the National Register of Historic Places; and (5) upon completion of the demolition, the development authority reasonably expects that the property will be improved and these improvements will result in economic development benefits to the municipality.
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