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  <br />  <br />  <br />  <br /> <br />"Development Program" means the Development Program for the Development District, adopted <br />by the City Council on June 26, 1989, as defined in Minnesota Statutes, Section 469.125, <br />Subdivision 5. <br /> <br />"Governing Body" means the City Council of the City. <br /> <br />"Land Use Regulations" means all federal, state and local laws, rules, regulations, ordinances <br />and plans relating to or governing the use or development of land in the City, including but not <br />limited to environmental, zoning and building code laws and regulations. <br /> <br />"Project" means Development District No. 1, the public improvements and facilities to be <br />constructed within Development District No. 1, as more fully described in Section 1.5. of the <br />Development Program. <br /> <br />"Project Area" means the real property located within the geographic boundaries of Development <br />District No. 1. <br /> <br />"Public Costs" means the costs eligible to be financed by tax increments under Minnesota <br />Statutes, Section 469.176, Subdivision 4. <br /> <br />"State" means the State of Minnesota. <br /> <br />"Tax Increment Bonds" means any general obligation or revenue tax increment bonds issued and <br />to be issued by the City to finance the public costs associated with Development District No. 1 as <br />stated in the Development Program and in the Tax Increment Financing Plan for each Tax <br />Increment Financing District within Development District No. 1. The term "Tax Increment Bonds" <br />shall also include any obligations issued to refund the Tax Increment Bonds. <br /> <br />"Tax Increment Financing District" means any Tax Increment Financing District presently <br />established or to be established in the future within Development District No. 1. <br /> <br />"Tax Increment Financing Act" means the statutory provisions of Minnesota Statutes, Section <br />469.174 through 469.179, inclusive, as amended and supplemented from to time. <br /> <br />"Tax Increment Financing Plan" means the respective Tax Increment Financing Plan for each Tax <br />Increment Financing District located within Development District No. 1. <br /> <br />Section 1.2. Statement and Finding of Public Purpose. <br />The City Council (the "Council") of the City of Arden Hills, Minnesota (the "City") has determined <br />there is a need for the City to take certain actions designed to encourage, ensure and facilitate <br />development and redevelopment by the private sector of underutilized and unused land located <br />within the corporate limits of the City in order to provide additional employment opportunities for <br />residents of the City and the surrounding area, to improve the tax base of the City, the County <br />and Independent School District No. 621 (the "School District") thereby enabling them to better <br />utilize existing public facilities and provide needed public services, and to improve the general <br />economy of the City, the County and the State. Specifically, the City has determined that the <br />property within Development District No. 1 is either underutilized or unused due to a variety of <br />factors which has resulted in a lack of private investment. As a result, the property is not providing <br />adequate employment opportunities, and is not contributing to the tax base and general economy <br />of the City, the School District, the County and the State to its full potential. <br /> <br />Therefore, the City has determined to exercise its authority to develop, implement and finance a <br />program for improving Development District No. 1 within the City to provide an impetus for private