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ATTACHMENT 2 STATEMENT OF PURPOSE AND OBJECTIVES FOR FALCON HEIGHTS TAX INCREMENT FINANCING PLAN ADOPTED MARCH 23, 1988 SECTION I. THE DEVELOPMENT PROGRAM (Amending Development Program of 9/22/82, 4/09/83, and 3/23/88) A. Stateme of P ublic purpose It is found that there is a need new the development City (the aD evelopme t Dist ict ")a s area within the corporate limits of d to to provide employment oppo ouni tit t found impr that t the tarea b withnn the Dmevelpnder ent general economy of the slat_. District is potentially more useful and valuable than has been realized er utilization existing development, is less productive because of the lack of proper P 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 s v rmi ater the ssit and nesotaeprooe1ties and to also provide affects adequat City of St. water and sanitary 1 err the rniversity of Minnesota t ment District consist of marg sewer. Certain sites within the Develop has developed this program to substandard structures and uses. Therefore the City elated development. The actions provide an impetus for commercial, housing 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 prngs that will ograms to be developed will be outlined suincrement public financingridistticts and be held for the creation of any other tax programs. B. Statement of Ob jectiv es of Falcon Heights, Minnesota (the "City Council has The City Council of the City desirable and in the public interest previously determined that it was necessary, to establish, designate, develop and administer a development district pursuaa Minnesota Statutes Chapters 469 and n has s create C y d and amended a Development District of Falcon Heights, Minnesota Cthe 01 (the "Development District ota "City pursuant to the provisions of Chapter Vie. con t to 469.134, of ce e M nnes ota Statutes (the "Economic Development Act Distr improvements within the Development ed i because c of r a lack Federal, State and local objectives a development area has been ulting delay local government funding, in an adverse development environment for enterprise anticipating such improvements as well as for existing business enterp ent opportunities and prospective housing activities that would enhance the employment 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 thhrroougChty 469.179, inclusive, l s Minnesota Statutes ("Tax o through nthe Development Program: to achieve the following objectives 1. Complete the City's development in accordance with the Comprehensive Municipal Plan which to the extent feasible acti a should and be the Me in complete conformity to the Metropolitan Development Metropolitan Council System Statement (and Plan Content Guidelines for Falcon Heights;