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98 "Redevelopment Plan" means Redevelopment Plan for Redevelopment Project No. 3- Ramsey County, as approved on August 25, 1992 and as amended on March 23, 1993 and as hereby amended, and as further 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 included in the area subject to the Redevelopment Plan. "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(i) the local taxing district tax capacity rates for taxes payable in such year or(ii) 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. H 2000-1 AMENDMENT TO REDEVELOPMENT PLAN A. Statement of Need. There is a need for redevelopment of the Shopping Center and surrounding area 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 in the City, all of which will reduce unemployment, improve living conditions, promote desirable redevelopment of land, a portion of which is presently occupied.by buildings which contain defects in structural elements or,a combination of deficiencies in essential utilities and facilities, including, access to public sewer, light and ventilation and fire protection, layout, which defects or deficiencies are of total significance to justify substantial renovation or clearance, and a portion of which is presently occupied by buildings which require substantial renovation or clearance because of conditions such as inadequate street layout, unusual grade conditions, incompatible uses or land use relationships and obsolescence to the extent such buildings are not suitable for improvement or conversion at a cost reasonably related to the public purpose to be served without major residential clearance and with full consideration of the preservation of beneficial aspects of the urban and natural environment, prevent the emergence of blighted property and areas, • -3-