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I. INTRODUCTION AND LEGAL BASIS <br />A. Intent <br />The Ramsey Economic Development Authority (the "EDA"), proposes to <br />establish a Redevelopment Project Area as described herein (the "Redevelopment <br />Project Area"), in connection with the development of an approximately 100,000 <br />square -foot youth athletic facility (the "Project") located on 10 acres in the City of <br />Ramsey, Minnesota (the "City"). The City will loan funds in an amount estimated <br />not to exceed $2,300,000 to the Anoka Ramsey Athletic Association to finance a <br />portion of the construction of the Project. <br />In the remainder of the Redevelopment Area the EDA proposes to facilitate, as <br />appropriate, private development by acquiring land and preparing it for private <br />development and by constructing public infrastructure improvements. <br />B. Statement <br />The City and EDA have determined that conditions exist within the <br />Redevelopment Area which have prevented further development of land by <br />private enterprise. It has been found that the Redevelopment Area is potentially <br />more useful and valuable for contributing to the public health, safety and welfare <br />than has been realized under existing development. <br />The development of these parcels is not attainable in the foreseeable future <br />without the intervention of the EDA in the private development process. The <br />EDA has prepared the Redevelopment Plan, which provides for the elimination of <br />these conditions, thereby making the land useful and valuable for contributing to <br />the public health, safety and welfare. <br />C. Redevelopment Area Boundaries <br />The boundaries of the Redevelopment Area are outlined on the Redevelopment <br />Area Boundary Map, Exhibit A. <br />All land included in the Project Area is within the legal boundaries of the City. <br />D. Statement of Authority <br />Minnesota Statutes, Sections 469.001-469.047 and Section 469.101 grants <br />municipalities the authority to designate redevelopment areas within the <br />boundaries of the municipalities. Within these areas, the municipality may adopt <br />a redevelopment plan and establish a project consistent with the municipality's <br />public purpose. The project as contemplated by this plan consists of a <br />redevelopment project as defined in Section 469.002, Subdivision 14. The loan is <br />authorized under Minnesota Statutes, Sections 469.041, Subdivision 9 and <br />469.192. <br />200153166v2 <br />