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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 development of Ramse..v Town Center~. <br />im:latlhlg2h~acqUisition:and betterment of a municipal center <br />consisting of police, city hall facilities and related parking within <br />Ramse.v. Town C~.nter. The City of Ramsey, Minnesota (the <br />"City") will lease the bufid'~nglnunicipal center from.the EDA <br />with an option to purchase PursUant to a lease with option to <br />purchase agreement. Revenue bonds in the principal amount not to <br />exceed approximately $19,200,000 are proposed to be sold by the <br />EDA-to finance the redevelopment project costs associated with <br />the municipal een,ter. The revenue bOnds will be secUred by the <br />payments to be made by the City :under the lease with option to <br />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. <br /> <br />Statement <br /> <br />The City and EDA have determined that ec',nd~t;,c, ns <br />existdevelonment has not occurred within the Redevelopment <br />A~ ,,~'~,'~, .... 2/. ..... '~'~ 'q;"~'~" ~ .... ~ .....' ~*' ~and by private <br />ente~rise in accordance with the goals and objectives of the <br />EDA and the Ci~. It has been fo~d ~at the Redevelopment <br />Area is potentially mom mehl ~d valmble for contributing to the <br />public health, safe~ and welf~e ~ has been realized under <br />existing development. <br /> <br />The development of these parcels in accordance with the goals <br />and ob.!cctives of.ghe EDA :and the Ci .ty. are not attainable in the <br />foreseeable future without the intervention of the EDA and the <br />City. in the private development process. The EDA has prePared <br />this Redevelopment Plat',, --'~-:~ ..... :~ c~ · <br /> ,: ..... ~, ........... he e!im~nat:.cn cf <br />these~,~,,,.,..~,-~,,~-~;*;^~' therebY making the land useful and valuable for <br />contributing to the public health, safety and welfare. <br /> <br />C. Redevelopment Area Boundaries <br /> <br />1723662vdoc <br />Red~ vs. 3 to rs, 2: <br />2/18/05 <br /> <br />The boundaries of the Redevelopment Area are outlined, on the <br />Redevelopment Area Boundary Map, Exhibit A. <br /> <br /> <br />