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'1 <br /> <br />i "Municipal Industrial Development Act" means the statu- <br /> tory 'provisions of ~innesota ~tatutes, Chapter 474, as <br /> amended. <br /> <br />I "~" means any city, <br /> defined in Minnesota Statutes $4?2.02, <br /> <br /> means <br />graph~ibed in <br /> <br />however organized <br />subd. 2. <br /> <br />the Development District as geo- <br />Section I, Subsection 1.11 of the <br /> <br /> Development Program. <br />m -state- means the State of Minnesota. <br /> <br />m .Tax Increment Bonds" means any general obligation or <br /> revenue tax increment bonds issued and to be issued by the <br /> <br /> City to finance the public costs associated with Development <br />m District No. 1 as stated in the Development Program and in <br /> the Tax Increment Fxnancing Plan for the Tax Increment <br /> <br />Financing District within Development District No. 1. The <br /> <br />m 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 />m ment financing presently or to be <br /> district <br /> established <br /> established in the future, i~ Development District No. 1. <br /> <br />m -Tax Increment Financing ~ct" means the statutory provi- <br /> sions of Minne~ota Statutes, $$273.71 through 273.78, inclu- <br /> <br />siva, as amended. <br /> <br />I "Tax Increment. Financing Plan" means the respective Tax <br /> Increment Financing Plan for each Tax Increment Financing <br />m District located within the Project Area. <br /> (SUBSECTION 1.1.' WAS ADOPTED TO THE DEVELOPMENT PROGRAM <br />I ON JULY 9, 1985) <br /> Subsection 1.2. Statement and Findin~ of Public Pur- <br />m 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 /> <br /> City in the Development District to provide employment op_ <br />m portunities, to improve the tax base and to improve the <br /> general economy of the State. It is found that the area <br /> <br /> within the Development District is potentially more useful <br />m 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 /> <br />m full potential. <br /> <br /> Therefore, the City has determined to exercise its ab- <br />m thority to develop a program for improving the Development <br /> <br />i - 2 <br /> <br /> <br />