Agenda Packets - 1994/05/09 - Laserfiche WebLink

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"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. Pursuant to the Enabling Act, on March 28, 1994, the Council adopted an enabling resolution and thereby established the EDA. Pursuant to Section 469. 094, Subdivision 2 , of the Enabling Act, the City transferred to the EDA, and the EDA accepted from the City transfer of, the control, authority, and operation of the Development Districts, including the existing Tax Increment Districts therein, thereby empowering the EDA to exercise all of the powers that the City could exercise with respect to the Development Districts, subject to the covenant and pledge by the EDA to perform the terms, conditions, and covenants of all bond indentures and other agreements executed for the security of any bonds issued and any other activities undertaken with respect to the Development Districts. The EDA recognizes and finds that, while appropriate uses and emphases may vary between various portions of the City, efforts to develop the City will be enhanced and their success will depend upon a unified, consistent, and broad-based approach which is unrelated to the respective boundary lines which currently exist for the Development Districts. In particular, the Board believes that it is important to have the flexibility to use tax increment and other resources generated within any of the Development Districts for the preservation and enhancement of any and all portions of the entire Project Area, all as may be permitted by applicable law. Accordingly, it is the EDA's purpose, consistent with the stated purposes of the Council, to consolidate and amplify the 257768 -3-