Agenda - Council - 12/13/2011 - Laserfiche WebLink

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supplemented from time to time; "Governing Body" means the duly elected City Council as defined in Minnesota Statutes 472A.02, subd. 10. "EDA Act" means Minnesota Statutes, Sections 469.090 to 469.1082, as amended; "Land Use Regulations" means all federal, state and local rules, regulations ordinances and plans relating to or governing the use of development of land in the City, including but not limited to environmental zoning and building code laws and regulations; "Project Area" or "Project" means the Development Program for the Development District; "Public Costs" means the costs set forth in the Tax Increment Financing Plan, and other costs eligible to be financed by Tax Increments under Minnesota Statutes, Section 469.176, Subd. 4; "Public Improvements" means the public improvements described in the Development Program and Tax Increment Financing Plan; "State" means the State of Minnesota; "Tax Increment Financing Act" or "TIF Act" means Minnesota Statutes, Sections, 469.174 through 469.1799, inclusive, as amended; "Tax Increment Bonds" or "TIF Bonds" means any general obligation or revenue tax increment bonds, notes or other obligations issued by the City to finance the Public Costs associated with Development District No. 1 as stated in the Development Program and in the Tax Increment Financing Plan for the Tax Increment Financing Districts within Development District No. 1 or any obligations issued to refund the Tax Increment Bonds; "Tax Increment Financing District" or "TIF District" means any Tax Increment Financing District created and established pursuant to the TIF Act within Development District No. 1; "Tax Increment Financing Plan" or "TIF Plan" means the TIF Plan adopted by the City Council for any TIF District within Development District No. 1. C. Statutory Authority. (AS MODIFIED ON DECEMBER 13, 1994) The City has determined that it is necessary, desirable, and in the public interest to modify the Development Program for the Development District, pursuant to the 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 (AS MODIFIED ON DECEMBER 14, 2010) The Development District Act authorizes the City, upon certain public purpose findings by the City Council, to establish and designate development districts within the City and to establish, develop and administer development programs therefor to meet the needs and accomplish the public purposes City of Ramsey Development District No. 1 Modification 2