Agenda - Economic Development Authority - 02/02/2005 - Special

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I. INTRODUCTION AND LEGAL BASIS A. Intent The Economic Development Authority of the City of Ramsey, Minnesota (the "EDA"), proposes to establish a Redevelopment Project Area as described herein (the "Redevelopment Area"), in connection with the acquisition and betterment of a municipal center consisting of police, city hall facilities and related parking. The City of Ramsey, Minnesota(the "City") will lease the building from the EDA with an option to purchase pursuant to a lease with option to purchase agreement. Revenue bonds in the principal amount not to exceed approximately $19,200,000 are proposed to be sold by the EDA to finance theredevelopment project costs. The revenue bonds will be secured by the payments to be made by the City under the lease withoption to purchase agreement. In the remainder of the Redevelopment Area the EDA proposes to facilitate, as appropriate, private development by acquiring land and preparing it for private development and by constructing public infrastructure improvements. B. Statement The City and EDA have determined that conditions exist within the Redevelopment Area which have prevented further development of land by private enterprise. It:has been found that the Redevelopment Area is potentially more useful and valuable for contributing to the public health, safety and welfare than has been realized under existing development. The development ofthese parcels are not attainable in the foreseeable future without the intervention of the EDA in the private development process. The EDA has prepared this Redevelopment Plan, which prOvides for the elimination of these conditions, thereby making the land useful and valuable for contributing to the public health, safety and welfare. Redevelopment Area Boundaries The boundaries of the Redevelopment Area are outlined on the Redevelopment Area Boundary Map, Exhibit A. All land included in the Project Area is within the legal boundaries of the City. 1723662v2