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1988; Tax Incremegt Financing D~stnct No. 5, whach was created on April 24, 1990; or any other TIF Dislricts establ!shed in the future in Development District No. 1; "Tax Increthent Financing Act" or "TIF Act" means Minnesota Statutes §469.174 through §469.179, Inclusive, as amended; and "Tax Increment Financing Plan" or "Plan" means the TIF Plans, as modified, for TIF District No. 1, TIF!District No. 2, TIF Dislrict No. 4, TIF District No. 5, or the Plan or Plans that may be adopted fo~TIF Districts located within Development District No. 1. B. Sta~tutory Authority. The City has determined that it is necessary, desirable and in the public interest to establish, designate, developland administer a Development Program for Development District No. 1 in the City, pursuant to the provisions of the Act. The City has also determined that the funding of the necessary activitie~ and improvements in Development District No. 1 shall be accomplished in part or in whole throug~ tax increment financing in accordance with the TIF Act. C. Statement 9f Public Purpose and Objectives. The City h$s found that there is a need for new development in a specific area of the City and to encourage fdevelopment, provide employment opportunities, improve the tax base and improve the general economy of the City and the State. The City sqeks to achieve the following objectives through the Development Program: o o prOmote and secure the prompt development of property in Development District No~ 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 secin'ing the development of other land in the City; Prdmote and secure additional employment opportunities within Development DiStrict No. 1, and the City, for residents of the City and the surrounding area, thereby, improving living standards and preventing unemployment and the loss of skill, ed labor and other human resources in the City; SeCure the increase of property subject to taxation by the City, the County, Anoka- Hegnepin Independent School District No. I 1 and other taxing jurisdictions in order to better enable such entities to pay for public improvements and governmental services and programs required to be provided by them; o Secure the construction and provide monies for the payment of the cost of public acflivities or improvements in Development District No. 1, including site iml~rovements and installation of utilities, which are necessary for the orderly and berieficial development of the Development District; PrOmote the concentration of appropriate development within Development District N6. 1 in order to maintain the area in a manner compatible with its accessibility and prominence in the City; En~courage local business expansion, improvement, development and redevelopment, when compatible with the Development Program; and 4