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I. INTRODUCTION AND LEGAL BASIS <br /> <br />A. Intent <br /> <br />Tke Economic Development Authority of the City of <br />Ramsey (EDA) proposes to construct and equip a fire <br />station (the "Fire Station") in the Redevelopment Area <br />(the "Redevelopment Project"). The City of Ramsey, <br />Minnesota (the "City") will lease all or a portion of <br />the Fire Station from the EDA with an option to <br />purchase pursuant to a lease with option to purchase <br />agreement. Revenue Bonds in the principal amount not <br />to exceed the aggregate budget on Exhibit B to be sold <br />by the EDA to finance a portion of the costs of the <br />Re&evelopmenu Project. It is presently intended that <br />revenue bonds in the principal amount of $1,665,000 <br />will be issued for the Fire Station. The revenue bonds <br />issued for the Fire Station will be secured by the <br />payments to be made by the City under the lease with <br />option to purchase agreement. <br /> <br />In the remainder of the Redevelopment Area the EDA <br />proposes to facilitate, as appropriate, private <br />development by acquiring land and preparing it for <br />private development and by constructing public <br />infrastructure improvements. <br /> <br />B. Statement <br /> <br />The City and EDA have determined that conditions exist <br />within the Redevelopment Area which have prevented <br />further development of land by private enterprise. It <br />has been found that the Redevelopment Area is <br />potentially more useful and valuable for contributing ~ <br />to the public health, safety and welfare than has been <br />realized under existing development. <br /> <br />The development of these parcels are not attainable in <br />the foreseeable future without the intervention of the <br />EDA in the private development process. The EDA has <br />prepared the Redevelopment Plan, which provides for. the <br />elimination of these conditions, thereby making the <br />land useful and valuable for contributing to the public <br />health, safety and welfare. <br /> <br />C. Redevelopment Area Boundaries <br /> <br />The boundaries of the Redevelopment Area are outlined <br />on the Redevelopment Area Boundary Map, Exhibit A. <br /> <br />All land included in the Project Area is within the <br />legal boundaries of the City. <br /> <br />AChO-C?7-7TO. YPj <br /> <br /> <br />