Resolution - #06-02-043 - 02/14/2006

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WHEREAS, the City Council finds that the Subject Property includes underutilized and vacant land; and WHEREAS, the City Council finds that the Subject Property is characterized by small, irregularly shaped and poorly arranged parcels under a multiplicity of ownership, all of which factors present obstacles to development of the Subject Property; WHEREAS, the presence of inadequate infrastructure on the Subject Property and surrounding area is likely to be a significant barrier to redevelopment of the Subject Property without public intervention; and WHEREAS, acquisition of the Subject Property by the City is essential in order to eliminate the Subject Property as a barrier to redevelopment of the Ramsey Crossings area; and WHEREAS, development of the Subject Property is unlikely to occur without the City's involvement, acquisition and assemblage of the Subject Property to further development according to the City's objectives; and WHEREAS, the City Council finds that among the public benefits to be served by acquisition or redevelopment of the Subject Property are improvement of public infrastructure and other public amenities, expansion of the property tax base, increase of employment opportunities, expansion of retail, commercial and employment services available to residents, and furtherance of the objectives for which the Development District was established. WHEREAS, the City Council finds that redevelopment of the Subject Property pursuant to the provisions of the Development Program is necessary, convenient, desirable, for a public purpose, in the best interests of the citizens of the City and would promote the general health, welfare and safety of the community; and WHEREAS, the Development Program comemplates that substantial portions of the Subject Property should be redeveloped for commercial developmem; and WHEREAS, the City Council finds that the commercial development on the Subject Property is in the public interest and in furtherance of the City's goals and objectives for the Development District; and WItEREAS, entry onto the Subject Property is rationally related to the health, safety or welfare concerns of the City in connection with the possible eminent domain proceedings; and WHEREAS, the City Council finds that it is reasonable, necessary, proper, convenient, for a public purpose, and in the interest of the public health, safety, convenience, and general welfare of the citizens of the City that title to and possession of the real estate hereinafter described be acquired in furtherance of the Project. JML-275247v2 2 RAI25-65