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i "~un~c~p~] %n~ust;~a] Deve]opment Act' reans the statu- <br /> tory p;ovi;lon~ o! ~innesota ;tatutes, Chaste; 474, as <br /> a~ended. <br /> <br />I "~" means any city, hovever organized as <br /> defined in Minnesota Statutes $472.02, subd. 2. <br />! "~" means the Development District as geo- <br /> graph~a~ly ~escribed in Section I, Subsection 1.Il of the <br /> <br />i Development Program. <br /> 'State" means the State of Minnesota. <br /> <br />I any general obligation or <br /> 'Tax <br /> Increment <br /> Bonds' <br /> means <br /> revenue tax increment bonds issued and to be issued by the <br /> City to finance the public costs associated with Development <br />I District No. 1 as stated in the Development Pro~ram and in <br /> the Tax Increment Financing Plan for the Tax Increment <br /> <br /> Financing District within Development District No. 1. The <br />I term "Tax Increment Bonds" shall also include any obliga- <br /> tions issued to refund the Tax Increment Bonds. <br /> <br />I 'Tax Increment Financing District" means any tax incre- <br /> ment financing district presently established or to be <br /> establi;hed in the fvture i~ Development District No. 1. <br /> <br />I -Tax Increment Financing Act' means the statutory provl~ <br /> sions of ~lnnesota Statutes, $$273.71 through 273.78, inclu <br />Isive, asa mended. <br /> <br /> 'Tax Increment Financing Plan' means the respective ~ax <br /> Increment Financing Plan for ~ach Tax Increment F~nanc~ng <br />I District located within the Pro3ect Area. <br /> <br /> (SUBSECTION 1.1.-NAS ADOPTED ~O TBE DL'VELOPNEN'~ PROGRA~ <br />ON JULY 9, 1985) <br /> <br /> Subsection 1.2. Statement and Findin~ of Public Pur- <br />l pose. City (the 'Council') City of Ram- <br /> The <br /> Council <br /> the <br /> aey (the 'City') determines that there is a need for devel- <br /> opment and redevelopment vithin the corporate l~nits o~ the <br />I City in the Development District to provide employment <br /> o~- <br /> portunities, to improve the tax base and to ~nprove the <br /> general economy of the State. It is found that the area <br />I within the Development District is potentially more useful <br /> and valuable than is being realized under exzsting develop- <br /> ment, is less productive than is possible under this program <br />I and, therefore, is not contributing to the tax base to its <br /> full potential. <br /> <br />I 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 />