Agenda - Council - 08/27/1985 - Laserfiche WebLink

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' Municipal Industrial Development Act means the statu- tory provisions o Minnesota Statutes Chapter 474 as ' amended. "Municipality" means any city, however organized as defined in Minnesota Statutes 5472.02 subd. 2. ' " Pro Area" means the Development District as geo- graphically described in Section I, Subsection 1.11 of the ' Development Program. " State " means the State of Minnesota. ' "Tax Increment Bonds" means any general obligation or revenue tax increment bonds issued and to be issued by the ' City to finance the public costs associated with Development District No. 1 as stated in the Development Program and in the Tax Increment Financing Plan for the Tax Increment Financing District within Development District No. 1. The ' term "Tax Increment Bonds" shall also include any obliga- tions issued to refund the Tax Increment Bonds. " Tax Increment Financing District means any tax incre- ment financing district presently established or to be established in the future in Development District No. 1. ' " _Tax Increment Financing Act means the statutory provi- sions of Minnesota Statutes 5$273.71 through 273.78, inclu- sive, as amen e . " Tax Increment Financing Plan means the respective Tax Increment Financing Plan for each Tax Increment Financing District located within the Project Area. (SUBSECTION 1.1. WAS ADOPTED TO THE DEVELOPMENT PROGRAM ON JULY 9, 1985) Subsection 1.2. Statement and Finding of Public Pur- p ose. The City Council (the "Council ") of the City of Ram- sey (the "City ") determines that there is a need for devel- opment and redevelopment within the corporate limits of the City in the Development District to provide employment op- portunities, to improve the tax base and to improve the general economy of the State. It is found that the area within the Development District is potentially more useful and valuable than is being realized under existing develop- ment, is less productive than is possible under this program and, therefore, is not contributing to the tax base to its full potential. Therefore, the City has determined to exercise its au- thority to develop a program for improving the Development 1 - 2