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PART 1. <br />Development District No. 2 Plan <br />A. Statement of Public Purpose <br />It Is found that there is a need for new development In the City of Mounds <br />View, Minnesotn, to encourage development within areas which are already <br />built up to provide employment opportunities to improve the local tax base <br />and to Improve the general tax base of the State. <br />B. Statutory Authority <br />The City of Mounds View proposes to designate a portion of the city as <br />Municipal Development District No. 2 as authorized by Minnesota Statutes, <br />Chapter 472A. (See Appendix A, Map 1). According to Minnesota Stctutes, <br />Section 472A.02, Subdivision 3, a development district is a specific area <br />within the corporate limits of a municipality which has been so designated <br />and separately numbered by the governing body. <br />The City of Mounds View also pinns to utilize the development finance <br />provisions encompassed In Minnesota Statutes, Section 273.71-78, the <br />Minnesota Tax increment Financing Act, in conjunction with the designation <br />of the municipal development district. <br />C. Property Description <br />The area to be encompassed by the proposed Municipal Development <br />District No. 2 and Tax Increment Financing District No. I Is it nerally <br />described as follows: <br />NORTHBOUNDARY <br />County Road 112 from T.H. N 10 to interstate 35W <br />SOUTH BOUNDARY <br />T.H. N10 from County Road ill to Jackson (as extended); and County <br />Road it from Jackson (as extended) to Intestate 35W <br />BAST BOUNDARY <br />Interstate 35W from County Rona 112 to County Road 11 (as extended) <br />WEST BOUNDARY <br />Jacksod Drive, as extended South, from T.11. N 10 to County Road H <br />D. Rehabilitation <br />There are no existing structures In the municipal development district to be <br />rehnbilitnted, therefore no rehabilitation program Is required. <br />