2007.02.20 EDA Packet - Laserfiche WebLink

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City of Hugo, Minnesota Section A Definitions The terms defined in this section have the meanings given herein, unless the context in which they are used indicates a different meaning: "Authority"means the Hugo Economic Development Authority. "C�t ""means the City of Hugo, Minnesota; also referred to as a"Municipality". "City Council"means the City Council of the City. "County"means Washington County, Minnesota. "Development Distdct" means Development District No. 1 in the City, which is described in the corresponding Development Program. "Development Program"means the Development Program for the Development District. "Project Area" means the geographic area of the Development District. "School District"means Independent School District No.624, Minnesota. "State"means the State of Minnesota. "TIF Act"means Minnesota Statutes, Sections 469.174 through>469.1799, both inclusive. "TIF District"means Tax Increment Financing(Redevelopment)District No. 1-2. "TI F Plan"means the tax increment financN plan for the TIF District(this document). Section B Statutory Authorization Within the City, there exist areas where public involvement is necessary to cause development or redevelopment to occur. To this end, the City has certain statutory powers pursuant to the TIF Act to assist in financing eligible activities related to these development needs. This Section contains the Tax Increment Financing Plan for District No. 1-2. Other relevant information is contained in the Development Program for Development District No. 1. Section C Statement of Need and Public Purpose The City finds that there is a need for development within the City and the Project Area in order to provide employment and housing opportunities, to improve the local tax base, and to improve the general economy of the City and the State. The economic security of the people in the City depends upon proper development of property that meets any one of a number of conditions, including properties whose values are too low to pay for the public services required or rendered and properties whose lack of use or improper use has resulted in stagnant or unproductive land that could otherwise contribute to the public health, safety, and welfare. The City finds that in many cases such property cannot be developed without public participation and assistance in various forms including property acquisition and/or write-down, proper planning, the financing of development costs associated with clearance, grading and soils correction, and the making of various other public and private improvements necessary for development. In cases where the development of property cannot be done by private SPRINGSTED Pagel