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geographically described in Section 1, Subsection 1.13 of the <br />Development Program. <br />"Governing Body" means the duly elected City Council as <br />defined in Minnesota Statutes, Section 469.125, Subd. 8. <br />"Modified Development Program" means the Development <br />Program adopted and modified from time to time by the City for <br />Development District No. 2. <br />"Project" means the Development District No. 2, the <br />public improvements and facilities to be constructed within <br />Development District No. 2, as described more fully in <br />Subsection 1.8 of the Development Program. <br />"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 <br />City to finance the public costs associated with Development <br />District No. 2 as stated in the Development Program and in the <br />Tax Increment Financing Plans for the Tax Increment Financing <br />Districts within Development District No. 2. 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. 2 -1 presently established or any tax <br />increment financing district to be established in the future <br />in Development District No. 2. <br />"Tax Increment Financing Act" means the statutory <br />provisions of Minnesota Statutes, Sections 469.174 through <br />469.179, inclusive, as amended. <br />"Tax Increment Financing Plan" means the respective Tax <br />Increment Financing Plan for each Tax Increment Financing <br />District located within Development District No. 2. <br />Subsection 1.2. Statement and Finding of Public Purpose. <br />The Council of the City determines that there is a need <br />for development and redevelopment within the corporate limits <br />of the City in the District to provide employment opportuni- <br />ties, to improve the tax base and to improve the general <br />economy of the State. It is found that the area within the <br />District is potentially more useful and valuable than is being <br />realized under existing development, is less productive than <br />1 -2 <br />Page 9 <br />