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I. INTRODUCTION AND LEGAL BASIS <br /> <br />A. Intent <br /> <br />The Economic Development Authority of the 'City of Ramsey, <br />Minnesota (the "EDA"), proposes to establish a Redevelopment <br />Project Area as described herein (the "Redevelopment Area"), in <br />connection with the acquisition and betterment of a municipal <br />center consisting of police, city hall facilities and related parking. <br />The City of Ramsey, MinneSota (the "City") will lease the building <br />from the EDA with an option to purchase pursuant to a lease with <br />option to purchase agreement. Revenue bonds in the principal <br />amount not to exceed approximately $19,200,000 are proposed to <br />be sold by the EDA to finance the redevelopment project costs. <br />The revenue bonds will be secured by the payments to be made by <br />the City under the lease with option to purchase agreement. <br /> <br />In the remainder of the Redevelopment Area the EDA proposes to <br />facilitate, as appropriate, private development by acquiring land <br />and preparing it for private development and by constructing <br />public infrastructure improvements. <br /> <br />B. Statement <br /> <br />The Ci.ty and EDA have determined that conditions exist. <br /> <br />within the Redevelopment Area Which have prevented further <br />development of land by private enterprise. It has been found <br />that the Redevelopment Area is. potentially more useful and <br />valuable for contributing tO the~public health~ safe .ty and <br />welfare than has. been realized under existing development. <br /> <br />The development of these parcels are not attainable in the <br />foreseeable futurewithout :the ii~tervention of the EDA in the <br /> <br />private development pr°ce~s. The EDA has~prepared this <br />Redevelopment Pl~n~ WhiCh provides for the elimination of <br />these conditions~, thereby making the land useful and valuable <br />for contributing t~o the public h ,ealth, safe~, and weffare. <br /> <br />Redevelopment Area Boundaries <br /> <br />The boundaries of the Redevelopment Area are outlined on the <br />Redevelopment Area Boundary Map, Exhibit A. <br />All land included in the Project Area is within the legal boundaries <br />of the City. <br /> <br />1723662v2 <br /> <br />24 <br /> <br /> <br />