CC PACKET 08251992 - Laserfiche WebLink

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"Parcel" means a lot, parcel or tract of plat of land comprising a single unit for purposes of assessment for real estate tax purposes, as of the date of adoption of the Financing Plan. "Public Redevelopment Costs" means the total amount expended and to be expended by the City on Redevelopment Activities as provided in the Redevelopment Plan and Financing Plan. "Redevelopment Activities" means all actions taken or to be taken by the City or HRA in establishing, implementing and carrying out the Redevelopment Project. "Redevelopment Plan" means Redevelopment Plan for Redevelopment Project Area No. 3 - Ramsey County, as_approved and amended from time to time by the HRA pursuant to law. "Redevelopment Project" means Redevelopment Project for Redevelopment Project Area. "Redevelopment Project Area" means the Land area or parcels described in Exhibit A. "Shopping Center" means the Apache Plaza Shopping Center located within the Redevelopment Project Area. "Tax Capacity" means the net tax capacity of all taxable property in the District as determined-from time to time pursuant to state law. "Tax Capacity Rate" means with respect to taxes payable in any year the lesser of W the local taxing district tax capacity rates for taxes payable in such year or 00 the "original tax capacity rate" for the District as defined and calculated in accordance with Minnesota Statutes, Section 469.177, Subdivision la. "Tax Increment" means that portion of the ad valorem taxes generated by the extension of the Tax Capacity Rate to the Captured Tax Capacity of taxable property in the District. II. REDEVELOPMENT PLAN A. Statement of Need. There is a need for redevelopment of the Shopping Center which will result in. the increase of employment opportunities for residents of the City, the increase of the value of property subject to taxation by the City and other local government units, and the increase of general economic activity -4-