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95 <br /> I. INTRODUCTION <br /> A. Statement of Need and Statutory Authority. On August 25, 1992 the Commissioners <br /> of the Housing and Redevelopment Authority of St. Anthony,Minnesota(the "HRA") and the City <br /> Council of the City of St. Anthony, Minnesota (the "City"), approved Redevelopment Plan for <br /> Redevelopment Project Area No. 3-Ramsey County (the "Original Redevelopment Plan") and <br /> Redevelopment Project for Redevelopment Project Area No. 3-Ramsey County(the "Original <br /> Redevelopment Project") to be undertaken pursuant thereto, and on March 23, 1993 the <br /> Commissioners of the HRA approved certain-amendments to the Original Redevelopment Plan and- <br /> Original Redevelopment Project(the Original Redevelopment Plan as so amended is herein called the <br /> "Redevelopment Plan" and the Original Redevelopment Project as so amended is herein called the <br /> "Redevelopment Project"). It has been proposed that the additional property consisting of the parcel <br /> located at 3704 Silver Lake Road on which the Taco Bell restaurant is located (PID#31-30-23-34- <br /> 0018) be included in the area subject to the Redevelopment Plan (the"Additional Property"). <br /> The Redevelopment Plan and Redevelopment Project relate to the redevelopment of <br /> Apache Plaza Shopping Center(the "Shopping Center") located at 37`h Avenue North and Silver Lake <br /> Road in the City and certain adjacent property. Since the approval of the Original Redevelopment Plan <br /> and Original Redevelopment Project by the HRA and the City a portion of the Shopping Center has . <br /> been redeveloped by the demolition of certain buildings and the construction of a new grocery store. It <br /> has been proposed that the remaining portion of the main center of the Shopping Center and <br /> surrounding property be substantially renovated and remodeled and that various public improvements <br /> including storm water drainage improvements be undertaken. The property proposed to be so <br /> improved is in the area subject to the Redevelopment Plan and Redevelopment Project. The <br /> proponent of such redevelopment has represented to the City and HRA that such redevelopment will <br /> not occur unless financial assistance is provided by the HRA and the City. The HRA has determined <br /> that such proposed redevelopment of the Shopping Center is in the best interests of the residents of the <br /> City and that the HRA and the City may be able to assist in such redevelopment of the Shopping <br /> Center. <br /> In order to finance the public redevelopment costs to be paid or incurred by the HRA <br /> and the City pursuant to the Redevelopment Plan and Redevelopment Project, it is proposed that the <br /> HRA adopt a tax increment financing plan (the "Financing Plan"), which provides for the creation.of a <br /> Tax Increment Financing District No. 5-Ramsey County (the "District").. <br /> This Amendment to the Redevelopment Plan and Redevelopment Project and the <br /> Financing Plan is approved by the Commissioners of the HRA and by the City Council of the City <br /> pursuant to Minnesota Statutes, Sections 469.001 to 469.047 and 469.74 to 469.179. <br /> B. Definitions. Each of the words and terms defined in this Section shall for all purposes of <br /> the Redevelopment Plan and the Financing Plan, have the meanings given to them in this Section B. <br /> • <br />