05-09-1994 EDA - Laserfiche WebLink

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.� .,. , 4 � .�.. � . ,� . <. _ _ _ _ _ _ � ____ - - -� �� - ; � .�_ � . _ consolidation and amendment of the Development Programs shall be known as the Project Plan for the Project. It is also the Board's intention and determination that any amendment to any of Development Programs, the Project Plan or the Tax Increment Plans made herein or hereafter shall constitute and be deemed to be an amendment of all of the Development Programs. The Council hereby finds that each Development Program, as amended pursuant hereto, together with the composition thereof into the Project Plan, constitutes and shall be deemed to be a"development program" within the meaning of Minnesota Statutes, Section 409.125, Subdivision 3, and a"redevelopment plan" within the meaning of Minnesota Statutes, Section 469.002, Subdivision 16. The City has heretofore identified significant development activities and costs within and for the benefit of the Development Districts and has financed such activities through substantial bonding and investments of tax increments and other „ revenues; and the Project Plan is hereby amended to include, as development goals, activities and costs for the Project Area (1) the attraction, retention, rehabilitation and preservation of commercial, industrial, retail, residential, recreational and public service facilities, including necessary or desirable park and recreational facilities, both active and passive; (2) new and rehabilitated public infrastructures; (3) community and other public service centers; (4) senior/mature adult and/or other housing development partnerships or other multi-use housing projects and facilities; (5) other public utilities (including telecommunications); (6) business incubator loan and other business programs; (7) transportation systems; (8) and all. related activities or undertakings that may be desirable or necessary in connection with the completion and integration of such community development. The City has heretofore identified, and the EDA hereby restates, reaffirms and incorporates herein, long-range plans for the preservation and development of the City. The EDA acknowledges the potential and desire for significant new development projects within the Project Area. As these expected developments materialize, the EDA and/or the City may also be faced with significant additional expenditures involved in acquiring property, relocating businesses and other current users of such properties, clearing sites for development, and participating in the installation of necessary public infrastructures, as well as such other undertakings and forms of assistance as may be necessary or appropriate for any particular project. While it is not possible to predict with precision the overall magnitude of such costs or specific activities, or in all cases the feasibility of financing them in whole or in part, over the term of the Project and its Tax Increment Districts, the z5nba -5-