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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 des¢ribed herein (the "Redevelopment Area"), in <br />connection with the ?velopment of Ramsey Town Center, <br />including the acquisition andibetterment of a municipal center <br />consisting of police,icity hall ;facilities and related parking within <br />Ramsey Town Center. The City ofRamsey, Minnesota (the <br />"City") will lease ttie municipal center from the EDA with an <br />option to purchase pursuant t9 a lease with option to purchase <br />agreement. RevenUe bonds in the principal amount not to exceed <br />approximately $I9,200,000 are proPosed to be sold by the EDA to <br />finance the redevelOpment project costs associated with the <br />municipal center. The revenge bonds will be secured by the <br />payments :to be made by the Cityunder 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 />Statement <br /> <br />The City and EDA have determined that development has not <br />occurred within the'RedevelOpment Area by private enterprise in <br />accordance with the ,goals and Objectives of the EDA and the City. <br />It has been found that the RedeYel6pment Area is potentially more <br />useful and valuable for contributingto the public health, safety and <br />welfare than has been realized Under existing development. <br /> <br />The development of these Parcels in accordance with the goals and <br />objectives of the EDA and the City 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 Plan, thereby making the land useful and <br />valuable for contriBUting to the pUblic health, safety and welfare. <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 Projei:t Area is within the legal boundaries <br />of the City. <br /> <br />1723662v4 <br /> <br /> <br />