Agenda Packets - 1997/04/28 - Laserfiche WebLink

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"State" means the State of Minnesota. • "Tax Increment Districts" means the Minnesota Tax Increment Financing Districts which have heretofore been established within any of the Development Districts, or which may hereafter be established within the Project, as the same may heretofore have been, are hereby or may hereafter be amended. "Tax Increment Act" means the Minnesota Tax Increment Financing Act, presently codified as Minnesota Statutes, Sections 469.174 through 469.179, as the same may be amended. "Tax Increment Plans" means the respective tax increment financing plans adopted for the Tax Increment Districts, respectively, as the same may be amended. "Development District No. 1" means that certain Development District No. 1, originally approved and established by the City and the Council (pursuant to its Resolution No. 1951) as of December 12, 1985, as the same may have been amended prior to the date hereof. "Development Program No. 1"means that certain Development Program for Development District No. 1, originally adopted and approved by the City and the Council as of December 12, 1985, as the same may have been amended prior to the date hereof. "Development District No. 2" means that certain Development District No. 2, originally established and approved by the City and the Council (pursuant to its Resolution No. 2091) as of September 22, 1986, as the same may have been amended prior to the date hereof. "Development Program No. 2" means that certain Development Program for Development District No. 2, originally adopted and approved by the City and the Council as of September 22, 1986, as the same may have been amended prior to the date hereof. "Development District No. 3" means that certain Development District No. 3, originally established and approved by the City and the Council (pursuant to its Resolution No. 2294) as of February 22, 1988, as the same may have been amended prior to the date hereof. "Development Program No. 3" means that certain Development Program for Development District No. 3, originally adopted and approved by the City and the Council as of February 22, 1988, as the same may have been amended prior to the date hereof. Section 1.2. Background and Purposes. The City established the Development Districts and adopted their respective Development Programs pursuant to the Minnesota Municipal Development District Act, previously found in Minnesota Statutes, Chapter 472A, and now codified in Minnesota Statutes, Sections 469.124 through 469.134, and the City established Tax Increment Financing District Nos. 1, 2 and 3 within the Development Districts pursuant to the Tax Increment Act.