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1988; Tax Increrrient Financing District No. 5, which was created on April 24, 1990; or any other TIF Districts esta$1ished in the future in Development District No. I; "Tax Incrqment Financing Act" or "TIF Act" means Minnesota Statutes §469.174 through §469.179, Inclusi~,e, as amended; and "Tax Increment Financing Plan" or "Plan" means the TIF Plans, as modified, for TIF District No. 1, TI~.District No. 2, TIF District No. 4, TIF DistriCt No. 5, or the Plan or Plans that may be adopted f,6r TIF Districts located within Development District No. i. B. Sti~tutorv Authority. The City lias determined that it is necessary, desirable and in the public interest to establish, designate, develo~ and administer a Development Program for Development District No. 1 in the City, pursuant to[he provisions of the Act. The City has also determined that the funding of the necessary activities and improvements in Development District No. 1 shall be accomplished in part or in whole through tax increment financing in accordance with the TIF Act. C. $lhtement of Public Purnose and Ob_iectives. The Cay tlas found that there ~s a need for new development in a specific area of the City to encourage develol>ment, provide employment opportunities, improve the tax base and improve the general economy ~f the City and the State. The City geeks to achieve the following objectives through the Development Program: 1. PrOmote and secure the prompt development of property in Development District Nck 1 in a manner consistent with the Comprehensive Plan and with minimal adverse impact on the environment, which property is currently less productive because of the lack of proper utilization and lack of investment; thus promoting and securing the development of other land in the City; Pr.~mote and secure additional employment opportunities within Development D~trict No. 1, and the City, for residents of the City and the surrounding area, th~eby, improving living standards and preventing unemployment and the loss. of sk!ll, ed labor and other human resources in the City; o S~ure the increase of property subject to taxation by the City, the County, Anoka- H~nnepin Independent School District No. 11 and other taxing jurisdictions in or~er to better enable such entities to pay for public improvements and governmental services and programs required to be provided by them; S~ure the construction and provide monies for the payment of the cost of public meVities or improvements in Development District No. 1, including site rovements and installation of utilities, which are necessary for the orderly and ficial development of the Development District; o Promote the concentration of appropriate development within Development District N~. 1 in order to maintain the area in a manner compatible with its accessibility and pr6minence in the City; . E~courage local business expansion, improvement, development and realevelopment, when compatible with the Development Program; and ! '! 4