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"State" means the State of Minnesota. <br />"Tax Increment Bonds" means any general obligation or <br />revenue tax increment bonds issued and to be issued by the City <br />to finance the public costs associated with Development District <br />No. 1 as stated in the Development Program and in the Tax <br />Increment Financing Plans for the Tax Increment Financing <br />Districts within Development District No. 1. The term "Tax <br />Increment Bonds" shall also include any obligations issued to <br />refund the Tax Increment Bonds. <br />"Tax Increment Financing District" means Tax Increment <br />Financing District No. 4 presently established or any other tax <br />increment financing district established in the future in <br />Development District No. 1. <br />"Tax Increment Financing Act" means the statutory provisions <br />of Minnesota Statutes, Sections 469.174 through 469.179, <br />inclusive, as amended. <br />"Tax Increment Financing Plan" means the respective Tax <br />Increment Financing Plan for each Tax Increment Financing <br />Subsection 1.2. Statement of Obiectives. <br />The Council determines that the District will provide the <br />City with the ability to achieve certain public purpose goals not <br />otherwise obtainable in the foreseeable future without City <br />intervention in the normal development process. The public <br />purpose goals include: restore and improve the tax base and tax <br />revenue generating capacity of the District; increase employment <br />opportunities; realize comprehensive planning goals; remove <br />blighted conditions; revitalize the property within the District <br />to create an attractive, comfortable, convenient, and efficient <br />area for industrial, commercial, governmental, convention, and <br />related uses. <br />The City and Council seek to achieve the following <br />District program objectives: <br />1. Promote and secure the prompt development of certain <br />property in the District, which property is not now in <br />productive use or in its highest and best use, in a <br />manner consistent with the City's Comprehensive Plan <br />and with the minimum adverse impact on the environment, <br />and thereby promote and secure the development of other <br />land in the City. <br />2. Promote and secure additional employment opportunities <br />within the District and the City for residents of the <br />City and the surrounding area, thereby improving living <br />1556 <br />1 -2 <br />page 32 <br />