10-27-1999 Council Agenda - Laserfiche WebLink

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1 Redevelopment Plan for Redevelopment Project Area No. 1 1.1 Introduction Section 1 contains the Redevelopment Plan for Redevelopment Project Area No. 1. The Redevelopment Plan lays the foundation for Redevelopment Activities to be undertaken by the City and the Authority, including the use of tax increment financing. 1.1.1 Definitions Each of the words and terms defined in this Section shall for all purposes of the Plan, have the meanings given to them in this Section: "Authority" or "EDA" means the Economic Development Authority of the City (also the "EDA "). "City" means the City of Little Canada, Minnesota. "Plan" means the Redevelopment Plan for the Project Area as approved and as supplemented and amended from time to time by the Board of Commissioners of the Authority and the City Council. "Project" means housing projects, housing development projects, and redevelopment projects undertaken by the City to implement the Plan. "Project Area" means the Redevelopment Project Area No. 1 defined and designated by this Plan. "Project Costs" means the total amount expended and to be expended by the Authority on Redevelopment Activities as provided in this Plan. "Redevelopment Activities" means all actions taken or to be taken by the Authority in establishing, implementing and carrying out the Project. 1.1.2 Intent and Objectives In 1995, the City initiated a planning process for the Rice Street and Little Canada Road area. This process resulted in a Development Guide that the City will use as a tool for shaping the redevelopment of this area. The planning process established that there is a need for development and redevelopment within the Project Area. Through redevelopment the City and the Authority seek to: • increase employment opportunities for residents of the City. • increase the value of property subject to taxation by the City and other local government units. • increase in general economic activity in the City. Achieving these objectives will reduce unemployment, prevent chronic unemployment, improve living standards, promote desirable development of land which is presently unused at a cost reasonably related to the public purpose to be served without major clearance and with full consideration of the preservation of beneficial aspects of the urban and natural environment, prevent the emergence of blighted property and areas, prevent the loss of skilled and unskilled labor and other human resources, and encourage and enhance the general health and welfare of the residents of the City. The actions herein purposed to be taken by the City and the Authority pursuant to the Plan are necessary to secure the development of the property included in the Project Area at this time and in a manner which will best meet those needs. Page 138