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! ! I I I I I ,I i I I I I i I ! i I I District of the City to provide impetus for private develop- ment, to maintain and increase employment, to utilize exist- ing potential and to provide other facilities as are out- lined in the Development Program adopted by the City. The Council has also determined that the proposed devel- opments would not occur solely through private investment in the foreseeable future; that the tax increment financing plans proposed herein are consistent with the Development Program; and that the tax increment financing plans will afford maximum opportunity, consistent with the sound needs of the municipality as a whole, for the development or rede- velopment of the Development District by private enterprise. The Council finds that the welfare of the City as well as the State of Minnesota requires active promotion, attrac- tion, encouragement and development of economically sound industry and commerce to carry out its stated public purpose objectives. Subsection 1.3. Statutory Authority. The Council de- termines that it is desirable and in the public interest to establish, develop and administer a Development Program for Development District No. 1 (the "Development District") in the City to implement its Development District Plan, pur- suant to the provisions of Chapter 472A, as amended, of Minnesota Statutes (the "Development District Act"). Funding of the necessary activities and improvements in the Development District shall be accomplished through tax increment financing in accordance with Minnesota Statutes, Sections 273.71 to 273.78, inclusive (the "Tax Increment Financing Act"), and through the use of industrial revenue bonds pursuant to the provisions of Chapter 474, as amended, of Minnesota Statutes (the "Municipal Industrial Development Act"). The City has designated a specific area within the cor- porate limits of the City as Development District No. 1 as authorized by Section 472A.03 of the Development District Act which is hereby amended as outlined in this document. Within the Development District, the City plans to undertake a redevelopment district as the type of tax increment finan- cing districts established pursuant to Section 273.73, Subd. 10, of the Tax Increment Financing Act. Subsection 1.4. Statement of Objectives. The Council determines that the establishment of the Development Dis- trict will provide the City with the ability to achieve cer- tain public purpose objectives not otherwise obtainable in the foreseeable future without City intervention in the nor- mal development process. The City and Council seek to 1 - 3