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INTRODUCTION AND LEGAL BASIS <br /> <br />A. Intent <br /> <br />The Housing and Redevelopment Authority of the City of Ramsey, <br />Minnesota (the "HRA"), proposes to establish a Redevelopment <br />Project Area as described herein (the "Redevelopment Project <br />Area"), in connection with the .acquisition of the Anoka Ramsey <br />Sports Center for right of way purposes for the Highway 10 <br />Interchange Project. The City of Ramsey, Minnesota (the "City") <br />will lease the Anoka Ranx~--gporr~..e~er from the HRA with an <br />~option to purchase pursuant to a lease with option to purchase <br />agreement. Revenue bonds in the principal amount not to exceed <br />approximately $1,800,000 are proposed to be sold by the HRA to <br />finance the redevelopment project costs. The revenue bonds will <br />be secured by the payments to be made by the City under the lease <br />with option to purchase agreement. <br /> <br />In the remainder of the Redevelopment Area the HRA proposes to <br />acquire properties fbr rights of way in connection with the <br />Highway 10 Interchange Project and the further development of <br />the Town Center Project. In addition, the HRA may acquire land <br />for private development. <br /> <br />B. Statement <br /> <br />The City and HRA have determined that conditions exist within <br />the Redevelopment Area which have prevented further <br />development of land by private enterprise. It has been found that <br />the Redevelopment Area is potentially' more useful and valuable <br />for contributing to the public health, safety and welfare than has <br />been realized under existing development. <br /> <br />The development of these parcels are not attainable in the <br />foreseeable future without the intervention of the I-IRA in the <br />private development process. The HRA has prepared the <br />Redevelopment Plan, which provides for the elimination of these <br />conditions, thereby making the land useful and valuable for <br />contributing to the public health, sat'ety and welfare. <br /> <br />C. Redevelopment Area Boundaries <br /> <br />The boundaries of the Redevelopment Area are outlined on the <br />Redevelopment Area Boundary Map, E,'d~ibit A. <br />All land included in the Project Area is within the legal boundaries <br />of the City. <br /> <br />1821261vl <br /> <br /> <br />