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SECTION I - MODIFICATION TO THE REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT AREA NO.3 Foreword The following text represents a Modification to the Redevelopment Plan for Redevelopment Project Area No. 3. This modification represents a continuation of the goals and objectives set forth in the Redevelopment Plan for Redevelopment Project Area No. 3. Generally, the substantive changes include the establishment of Tax Increment Financing District No. 3 -5. The City and HRA believe that there is a need for redevelopment of the property in Redevelopment Project Area No. 3 and surrounding area. The City has hired consultants and appointed the Northwest Quadrant Task Force to develop a planning framework for such redevelopment. The report of the Northwest Quadrant Task Force dated July 2001 (the "Northwest Quadrant Task Force Report"), which, among other things, describes the planning process, the existing conditions in the study area and potential redevelopment concepts has been presented to and reviewed by the City and HRA.. The HRA believes that redevelopment of the property in Redevelopment Project Area No. 3 and the surrounding area will result in increased housing units to meet the demands of the marketplace, 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 condition, 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, and encourage and enhance the general health and welfare of the residents of the City. The actions herein proposed bo be take by the HRA and the City with respect to the Redevelopment Project are necessary to secure the redevelopment of the property included in the Redevelopment Project Area No. 3, at this tie and in the manner which will meet those needs. For further information, a review of the Northwest Quadrant Task Force Report and the Redevelopment Plan for Redevelopment Project Area No. 3, adopted August 25, 1992, and amended March 23, 1993, is recommended. They are available from the City . Clerk at the City of St.' Anthony. Other relevant information is contained in the Tax Increment Financing Plans for the Tax Increment Financing Districts located within Redevelopment Project Area No. 3. Description of Boundaries of Redevelopment Project Area No. 3 (,4s Modified September 23, 2003) The boundaries of Redevelopment Project Area No. 3 are being modified to include the parcels in Tax Increment Financing District No. 3 -5 that are not already included in Redevelopment Proj ect Area No. 3. The map in Appendix B shows the Modified Redevelopment Project Area No. 3. Mousing and Redevelopment Authority of St. Anthony Modification to the Redevelopment Plan for Redevelopment Project Area No. 3 19 151