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"Governing BodX" means the City Council of �he City. <br />"i,and Use Re�ulations" means all €ederal, state ar►d local laws, rules, regulations, ardinances and <br />plans relating to or gaverning the use or development of land in the City, including but not limited to <br />environmental, zoning and building code laws and regulations. <br />"Project" tneans De�elopment District No. l, the public impravements and facilities to be <br />consiructed within Deveiopment District No. 1, as more fi�lly described in Section L5. of the Development <br />Program. <br />"Proiect Area° �neans the real property located within tF�e geographic boundaries of De�elopment <br />DistrictNo. i. <br />°Public Costs" means the casts eligible to be �inanced by tax increments under Minnesota Statutes, <br />Section 469.1`76, Subdivision 4. <br />"State" means the State of Minnesota. <br />"Tax Increment Bonds" means any general obIigatian ar re�enue tax incremen� bonds issued and to <br />b� issued by the City to finar�ce the public costs associated with Development District No. 1 as stated in the <br />De�elopment Prograrn and in the Taaz Increinent Financing Plan for each Tax Increment Financing District <br />within De�elopzxaent District No. 1. The term "Tax Increzx�ent Bonds" shall also includ� any obIigations <br />issued to refund the Tax Increment Bonds. <br />"Tax Increment Financin District" means any Tax Increment Financing District presently <br />established or to be established in the future within Development District No. 1. <br />"Tax Increment Financin Act" nneans the statutory provisions of Minnesota Statutes, Section <br />469.174 through 464.179, inclusive, as amended and supplemented from to time. <br />"Tax Incrernent Finat�cin Plan" rneans the respective T� Increment Financing Plan for each Tax <br />Increment Financing District located within Development District No. 1. <br />Section 1.2. Staters�ent and Finding of Public Purpose. The City Council (the "Cauncil") af the <br />City of Arden Hills, Minnesota (the "City"} has de�ermined there is a need for the City to take certain actions <br />designed to encourage, ensure and faciiitate development and redeveiopment by the private sector of <br />underutilized and unused land located within the corporate limits of the City in order to provide additional <br />employment opportunities for residents of the City and the surrounding area, to improve the tax base of the <br />City, the County and Independent 5chool Dis�rict No. 621 {tt�e "School District") thereby enabling them io <br />bet�er utilize existing public facilities and provide needed pubtic services, and to improve t�►e general <br />economy of the City, the County and the State. Specifically, the City has d�terrnineci that the pz-operty within <br />Development District No. 1 is either underutilized or unused due to a varieiy of factors which has resulted in <br />a lack of private investment. As a result, the property is not providing adequate employment opportunities, <br />and is not contributing to the tax base and general economy of the City, �he School District, the County and <br />the State to its fizll potential. <br />Therefore, the City has determis�ed to exercise its authority to develop, implement and finance a <br />program for improving De�elopment District No. i within the City to provide an impetus for pri�ate <br />development a�d redevelopzr►ent, ta maintain and increase employment, to uiilize existing potential and to <br />provide other facilities as are outlined in Sectio� 1.4. of the Development Program. <br />