26-2 - EDA Resolution - Approving Dev Dist No 2 and Econ Dev Program

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because of substandard conditions, incompatible or obsolete uses, and lack of adequate public and community services. B. Promote the development of adequate public facilities necessary to serve the Development District and the City as whole, including without limitation the development of a new public works building or other public facilities to promote development in cooperation with the City C. Promote the concentration of appropriate commercial and residential development within the Development District in order to enhance the City's tax base. D. Promote and secure additional employment opportunities, including construction jobs, within the Development District and the City for residents of the City and the surrounding area, which would thereby improve living standards and prevent unemployment and the loss of skilled labor and other human resources in the City; E. Spur economic development to secure an increase in taxable market valuations in order to better enable the City and other taxing jurisdictions to pay for public improvements and governmental services and programs required to be provided by them; and F. Construct, acquire or finance any public facilities, including a new public works facility and other public facilities, sanitary sewer, water, storm drainage and roads, deemed necessary and desirable for the development or redevelopment of the Development District. G. Assist in development or redevelopment of the Development District through provision of public services, demolition, soil and terrain corrections or site improvements, or land acquisition, all in cases deemed appropriate by the Authority. H. Employ any powers of the Authority under the EDA Act for the benefit of the Development District in such cases and upon such terms as the Authority may deem appropriate. V. DEVELOPMENT DISTRICT The Development District boundaries are coterminous with the boundaries of the City and are illustrated in the map attached hereto as EXHIBIT A. VI. PROPERTY ACQUISITION The Authority may acquire such property, or interests therein, as the Authority may deem necessary or desirable to carry out the objectives of the Development Program. The Authority may hold and dispose of the property in accordance with the EDA Act. VII. DEVELOPMENT DISTRICT FINANCING The Authority may use revenues from any source available to it to pay any Public Costs of the Development District. As authorized by law, the Authority may finance certain Public Costs of the Development District related to a Project primarily through the issuance of lease revenue obligations in connection with which the Authority may acquire a leasehold interest in the property on which the Project will be located, lease such facilities back to the City, and pledge the lease revenues from the City to pay debt service on certain Bonds of the Authority. In addition, as authorized by law, the Authority may finance certain Public Costs of the Development District primarily through the issuance of revenue obligations secured by one or more other revenues available to the Authority, including without limitation Authority general revenues, specific facility rents and charges, tax increment financing or any other revenues available to the Authority. 4896-5123-9318.1