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Increment DiStrict No. 4, which was created on August 11, 1987, and expanded on March 29, <br />1988; Tax Increment Financing District No. 5, which was created on April 24, 1990; Tax <br />Increment F~ancing District No. 6, which was created on September 12, 1995; or any other TIF <br />Districts established in the future in Development District No. 1; <br /> <br /> "Tax Increment Financing Act" or "TIF Act" means Minnesota Statutes {}469.174 through <br />{}469.179, inclusive, as amended; <br /> <br /> "Tax Increment Financing Plan" or "Plan" means the TIF Plans, as modified, for TIF <br />District No. 1~ T[F District No. 2, TIF District No. 4, TIF District No. 5, TIF District No. 6, or <br />the Plan or Plans that may be adopted for other TIF Districts located within Development District <br />No. 1. <br /> <br />B. Statutory Authority. <br /> <br /> The City has determined that it is necessary, desirable, and in the public interest to <br />establish, designate, develop and administer a Development Program for Development District No. <br />I in the City, pursuant to the provisions of the Act. The City has also determined that the funding <br />of the necessai~y activities and improvements in Development District No. 1 shall be accomplished <br />in part or in wl~ole through tax incri:ment financing in accordance with the TIF Act. <br /> <br />C. Statement of Public Purpose and Objectives. <br /> <br /> The Ciw has found that there is a need for new development in a specific area of the City <br />and to encourage development, provide employment opportunities, improve the tax base and <br />improve the g4neral economy of the City and the State. <br /> <br />The City seeks to achieve the following objectives through the Development Program: <br /> <br />Promote and secure the prompt development of property in Development District <br />No. 1, in a manner consistent with the Comprehensive Plan and with minimal <br />adverse impact on the environment, which property is currently less productive <br />because of the lack of proper utilization and lack of investment; thus promoting and <br />:securing the development of other land in the City; <br /> <br />Promote and secure additional employment opportunities within Development <br />District No. 1, and the City, for residents of the City and the surrounding area, <br />,thereby, improving living standards and preventing unemployment and the loss of <br />skilled labor and other human resources in the City; <br /> <br />Secure the increase of property subject to taxation by the City, Anoka County, <br />Anoka-Hennepin Independent School District No. 11, and other taxing <br />jurisdictions, in order to better enable such entities to pay for public improvements <br />and governmental services and programs required to be provided by them; <br /> <br />o <br /> <br />Secure the construction and provide monies 'for the payment of the cost of public <br />activities or improvements in Development District No. 1, including site <br />improvements and installation of utilities, which are necessary for the orderly and <br />beneficial development of the Development District; <br /> <br />Promote the concentration of appropriate development within Development District <br />No. 1 in order to maintain the area in a manner compatible with its accessibility and <br />prominence in the City; <br /> <br />Printed <br /> <br />8/11/95 <br /> <br />Page 4 Draft <br /> <br /> <br />