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I. INTRODUCTION AND LEGAL BASIS A. Intent. The Housing and Redevelopment Authority of the City of Ramsey, Minnesota (the "Authority") proposes to establish a Redevelopment Project Area as described herein (the "Redevelopment Project Area"), in connection with the construction of various building aggregating 643,000 square feet to be used as retail facilities (the "Project") to be undertaken by RCM-Minnesota Corporation (the "Developer"). The City of Ramsey, Minnesota (the "City") proposes to issue Tax Increment Bonds in the principal amount not to exceed $10,318,000 to finance all or a portion of the public costs (the "Public Costs") of the Development Program. The City may also use tax increment financing on a pay- as-you-go basis for a portion of the Public Costs. In the remainder of the Redevelopment Area the Authority proposes to facilitate, as and when appropriate, private development by acquiring land and preparing it for private development and by constructing public infrastructure improvements. B. Statement. The City and the Authority have determined that conditions exist within the Redevelopment Area which have prevented further development of land by private enterprise. It has been found that the Redevelopment Area is potentially more useful and valuable for contributing to the public health, safety and welfare than has been realized under existing development. The development of these parcels is not attainable in the foreseeable future without the intervention of the Authority in the private development process. The Authority has prepared this Redevelopment Plan, which provides for the elimination of these conditions, thereby making the land useful and valuable for contributing to the public health, safety and welfare. C. Redevelopment Area Boundaries. The boundaries of the Redevelopment Area are outlined on the Redevelopment Area Boundary Map, Exhibit A. All land included in the Project is within the legal boundaries of the City. D. Statement of Authority. Minnesota Statutes Sections 469.001 through 469.047 (the "Housing and Redevelopment Authority Act") grants the authority to designate redevelopment areas within the Authority's area of operation. Within these areas, the Authority may adopt a redevelopment plan and establish a project consistent with the Authority's public purpose. The project as contemplated by this plan consists of a redevelopment project as defined in Section 469.001, Subdivision 14. E. Findings and Declaration. The City and the Authority make the following findings: 1. The certain parcels of land in the project area would not be made available for redevelopment without some public financial aid.