1998.07.20 RESO 1998-0024 - Laserfiche WebLink

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There is a need for development and redevelopment within the Project Area which will result in an increase in employment opportunities for residents of the City, an increase in the value of property subject to taxation by the City and other local government units and an increase in general economic activity in the City, all of which will reduce unemployment, prevent chronic unemployment, improve living standards, promote desirable development of land which is presently unused at a cost reasonably related to the public purpose to be served without major 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, prevent the loss of skilled and unskilled labor and other human resources, and encourage and enhance the general health and welfare of the residents of the City. The actions herein purposed to be taken by the Authority pursuant to the Plan are necessary to secure the development of the property included in the Project Area at this time and in a manner which will best meet those needs. C. Statement of Authority The EDA exercises the powers granted under Minnesota Statutes, Sections 469.001-469.047 (Housing and Redevelopment Authority Act) which grants municipalities the authority to designate redevelopment areas within the boundaries of the municipalities. Within these areas, the municipality may adopt a redevelopment plan and establish a project consistent with the municipality's public purpose. The Project as contemplated by this Plan consists of a redevelopment project as defined in Section 469.001, Subdivision 14. The lease with option to purchase agreement is authorized under Minnesota Statutes, Section 465.71. D. Findings and Declaration The City and the EDA make the following findings: I . The certain parcels of land in the project area would not be made available for redevelopment without some public financial aid. 2. The redevelopment plans for the Redevelopment Area in the City will afford maximum opportunity consistent with the needs of the locality as a whole, for the redevelopment of the area by private enterprise. 3. The Redevelopment Plan conforms to the general plan for development of the locality as a whole. E. Redevelopment Area Boundaries The boundaries of the Redevelopment Area are coterminous with the boundaries of the City's Tax Increment Financing District No. 1-1. The parcels included in the Redevelopment Area appear in Exhibit A. All land included in the Project Area is within the legal boundaries of the City. Redevelopment Plan For Redevelopment Project Area No.1 Page 2