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"De �etcottte.^.t District Na . 3 " ��
<br /> means that certain Development
<br /> District No . 2 , originally established
<br /> and approved by the City
<br /> and the Council (pursuant to its Resolution No. 2294)
<br /> February 22 , 1988 , as the as of
<br /> h same may have been amended prior to
<br /> data hereof.
<br /> the
<br /> "DeYo T ooment Pr•oc=-am Nc . 3"
<br /> means that certain Oevelopmen
<br /> Procy- m for Development Dist_ict No.
<br /> 3 , originally adopted and
<br /> approved by the City and the Council as of February 22 , ' 930^
<br /> the same may have been amended prior to the data hereof. - , as
<br /> .
<br /> •
<br /> Section 1.2 . Backcround and Purtoses .
<br /> established the T The he City
<br /> Development Districts and adopted their
<br /> respective Development Programs pursuant to the Minnesota
<br /> Municipal Development District
<br /> Statutes �, Ac=, previously found in Minnesota
<br /> , C Chapter 472A, and now codified in ;
<br /> Sections 469 . 124M nr.esct3 Statutes,
<br /> Increment through 469 . 104 , and the City established Tax
<br /> ent Financing District Nos . 2 and 3 within the
<br /> ^.
<br /> Develcpmet Districts -,
<br /> pursuant to the Tax Increment Act.
<br /> Pursuant to the - �-n ab l i ng Ac-
<br /> adccte^ , on March 23 , 1994 , the Council
<br /> an enabling r eso?
<br /> uticn and ere
<br /> Pursuant to Section 469 . 094 , Subdivision
<br /> thereby established to EDA.
<br /> - _ , ubdivisi ..
<br /> the City transferred to •the EDA, cn 2 , of the Enabling Act,
<br /> City transfer er of, L ,� �, and the EDA acceptedfrom the'
<br /> the control, authority, and operation of the
<br /> Development Districts, •
<br /> Districts therein, `S, including the existing Tax Increment
<br /> the
<br /> cts he_ eii, thereby empowering the EDA to exerciseall
<br /> of
<br /> Dhe Po^ s�thats the City couldexercise with respect to
<br /> ode-.t Districtssubject the
<br /> tothe covenant and pledge by
<br /> EDAthe
<br /> to perform the terms, conditions, and covenants of all bond
<br /> indentures and other agreements
<br /> executed for or the security cf
<br /> any
<br /> bendsissued and any other activities undertaken with respect tot:e Development Districts . _
<br /> The EDA r ecccnizes and •
<br /> finds
<br /> f
<br /> -nds that, while ay _-„, _
<br /> ar_ L
<br /> S2Sand emphases may vary between variousortiCPS of the City,a-_JFtS to develop the City will
<br /> be enhanced
<br /> =Jon a v.�, r_anc and their success
<br /> will depend
<br /> unifi consistent, and broad-based
<br /> wh h is unrelated to the respective '_'Droac:�
<br /> currently exist - L spe :ve boundary lines which
<br /> =orDevelopment
<br /> the Districts . 7n pa_�= -.., --
<br /> t,e Scar.: belie that - -
<br /> res _ is imperta ,
<br /> t.^, use tax increment and- .. nt to. have the ex' ' 1 � tV
<br /> the Development cm � other resources generated within t Cf
<br /> Districts ani
<br /> the and all efor the preservation and enhancement
<br /> ortions of the ey of
<br /> cermi _ta' epentire Project e= allz
<br /> by a.,pl_ceb l = la --, star be
<br /> N
<br /> Acc
<br /> state,' cording C� it
<br /> ti the EDA ' s purpose, Consistent with the
<br /> II/ Council , to -on=o" , -= ampli =y the
<br /> Z57 od
<br />
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