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"Munic~pgl Industrial Development Act" means the statu- <br />tory provisions of Minnesota Statutes, Chapter 474, as <br />amended. <br /> <br /> "Municipality" means any city, however organized as <br />defined in Minnesota Statutes ~472.02, subd. 2. <br /> <br /> "Project Area" means the Development District as geo- <br />graphically described in Section I, Subsection 1.11 of the <br />Development Program. <br /> <br />"State" means the State of Minnesota. <br /> <br /> "Tax Increment Bonds" means any general obligation or <br />revenue tax increment bonds issued and to be issued by the <br />City to finance the public costs associated with Development <br />District No. 1 as stated in the Development Program and in <br />the Tax Increment Financing Plan for the Tax Increment <br />Financing District within Development District No. 1. The <br />term "Tax Increment Bonds" shall also include any obliga- <br />tions issued to refund the Tax Increment Bonds. <br /> <br /> "Tax Increment Financing District" means any tax incre- <br />ment financing district presently established or to be <br />established in the future in Development District No. 1. <br /> <br /> "Tax Increment Financing Act" means the statutory provi- <br />sions of Minnesota Statutes, ~273.71 through 273..78, inclu- <br />sive, as amended. <br /> <br /> "Tax Increment Financing Plan" means the respective Tax <br />Increment Financing Plan for each Tax Increment Financing <br />District located within the Project Area. <br /> <br /> (SUBSECTION 1.1. WAS ADOPTED TO THE DEVELOPMENT PROGRAM <br />ON JULY 9, 1985) <br /> <br /> Subsection 1.2. Statement and Finding of Public Pur- <br />pose. The City Council (the "Council") of the City of Ram- <br />sey (the "City") determines that there is a need for devel- <br />opment and redevelopment within the corporate limits of the <br />City in the Development District to provide employment op- <br />portunities, to improve the tax base and to improve the <br />general economy of the State. It is found that the area <br />within the Development District is potentially more useful <br />and valuable than is being realized under existing develop- <br />ment, is less productive than is possible under this program <br />and, therefore, is not contributing to the tax base to its <br />full potential. <br /> <br /> Therefore, the City has determined to exercise its au- <br />thority to develop a program for improving the Development <br /> <br />1 - 2 <br /> <br /> <br />