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I <br />I <br /> <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br />'i <br /> <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> <br />(10)(a)(1). Tax Increment Financing District Nos. 5 and 6 when established were established as <br />economic development districts as defined in Minnesota Statutes, Section 469.174, Subd. 12. <br />The City reaffirms the findings previously made with respect to the establishment of Tax <br />Increment Financing District Nos. 1, 2, 4, 5 and 6. <br /> <br /> (b) The proposed redevelopment in the opinion of the City Council, would not <br />occur solely through private investment within the reasonably foreseeable future and therefore <br />the use of tax increment is deemed necessary. <br /> <br />The reasons supporting this finding are that: <br /> <br /> Private investment will not finance these development activities because <br />of prohibitive costs. It is necessary to finance these development activities <br />through the use of tax increment financing so that other development by private <br />enterprise will occur within Municipal Development District No. 1. <br /> <br /> (c) The Tax Increment Financing Plans for Tax Increment Financing District <br />Nos. 1, 2, 4, 5 and 6 conform to the general plan for development or redevelopment of the City <br />of Ramsey as a whole. <br /> <br />The reasons for supporting this finding are that: <br /> <br />(i) <br /> <br />Tax Increment Financing District Nos. 1, 2, 4, 5 and 6 are properly <br />zoned; and <br /> <br />(ii) <br /> <br />The tax increment financing plans will generally compliment and <br />serve to implement policies adopted in the City's comprehensive <br />plan. . <br /> <br /> (d) The Tax Increment Financing Plans will afford maximum opportunity, <br />consistent with the sound needs of the City of Ramsey as a whole, for the development or <br />redevelopment of Municipal Development District No. 1 by private enterprise. <br /> <br />The reasons supporting this finding are that: <br /> <br /> The development activities are necessary so that development and <br />redevelopment by private' enterprise can occur within Municipal Development <br />District No. 1. <br /> <br /> 5. Public Pu~ose. The Amendments to the Tax Increment Financing Plans for <br />Tax Increment Financing District Nos. 1, 2, 4, 5 and 6 conform in all respects to the <br />requirements of the Act and will help fulfill a need to develop an area of the City which is <br />already built up to provide employment opportunities to improve the tax base and to improve the <br />general economy of the State and thereby serves a public purpose. <br /> <br />1102285.1 2 <br /> <br /> <br />