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APPLICABLE SECTIONS OF 1988 TAX INCREMENT PLAN SECTION I. THE DEVELOPMENT PROGRAM (Amending Development Program of 9/22/82, 4/09/83, and 3/23/88) A. Statement of Public Purpose It is found that there is a need for new development and redevelopment in a specific area within the corporate limits of the City (the "Development District to provide employment opportunities, 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 has been realized under existing development, is less productive because of the lack of proper utilization lack of investment and is not contributing to the tax base to its full potential. In addition, it is hereby found that there is a need to solve the stormwater disposal system and drainage problem which also affects the City of St. Paul and the University of Minnesota properties and to provide adequate water and sanitary sewer. Certain sites within the Development District consist of marginal and substandard structures and uses. Therefore the City has developed this program to provide an impetus for commercial, housing and related development. The actions required to assist in the implementation of this development program are a public purpose as well as the execution and financing of this program. Any further programs to be developed will be outlined in subsequent public hearings that will be held for the creation of any other tax increment financing districts and programs. B. Statement of Objectives The City Council of the City of Falcon Heights, Minnesota (the "City Council has previously determined that it was necessary, desirable and in the public interest to establish, designate, develop and administer a development district pursuit Lc, Minnesota Statutes Chapters 469 and has created and amended a Development District #1 (the "Development District in the City of Falcon Heights, Minnesota (the "City pursuant to the provisions of Chapter 469.124 to 469.134, of the Minnesota Statutes (the "Economic Development Act The construction of certain public improvements within the Development District in accordance with planning objectives for a development area has been delayed because of a lack of Federal, State and local government funding, resulting in an adverse development environment for existing business enterprise anticipating such improvements as well as for prospective housing activities that would enhance the employment opportunities and tax base in the community. The City Council of the City determines that the funding of the necessary activities and improvements in the Development District (the "Development District Program shall be accomplished through tax increment financing in accordance with Sections 469.174 through 469.179, inclusive, of the Minnesota Statutes "Tax Increment Financing The City and the City Council seek to achieve the following objectives through the Development Program: 1. Complete the City's development in accordance with the Comprehensive Municipal Plan which to the extent feasible and practicable should be in complete conformity to the Metropolitan Development Guide and the Metropolitan Council System Statement (and Plan Content Guidelines) for Falcon Heights; 1 -1