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development and redevelopment, to maintain and increase employment, to utilize existing potential and to provide other facilities as are outlined in Section 1.4. of the Development Program. The City has also determined that the proposed development or redevelopment would not occur solely through private investment in the foreseeable future; that the Tax Increment Financing Plans proposed herein are consistent with the Development Program; and that the Tax Increment Financing Plans will afford maximum opportunity consistent with the sound needs of the municipality as a whole for the development or redevelopment of Development District No. 1 by private enterprise. The City finds that the welfare of the City as well as the State of Minnesota requires active promotion, attraction, encouragement and development of economically sound housing, industry and commerce to carry out its stated public purpose objectives. (AS MODIFIED DECEMBER 16, 2019) The City acknowledges that School District No. 623 is also located within Development District No. 1. Section 1.3. Statutory Authority. The City has determined that is desirable and in the public interest to designate a specific area within the corporate limits of the City as Development District No. 1 and to establish, develop and implement a Development Program pursuant to the provisions of Minnesota Statutes, Section 469.124 through 469.134, inclusive, as amended and supplemented from time to time, (the "Development District Act"). Funding of the necessary activities and improvements in Development District No. 1 shall be accomplished through tax increment financing in accordance with Minnesota Statutes, Sections 469.174 through 469.179, inclusive, as amended and supplemented from time to time, (the "Tax Increment Financing Act"). The City has designated a specific area within the corporate limits of the City as Development District No. 1 as authorized by Minnesota Statutes, Sections 469.124 through 469.134, inclusive, as amended and supplemented from time to time. Within Development District No. 1, the City plans to undertake one (1) Redevelopment District and one (1) Economic District as types of Tax Increment Financing Districts established pursuant to Minnesota Statutes, Section 469.174, Subdivisions 10, 12. (AS MODIFIED DECEMBER 16, 2019) The City established Development District No. 1 pursuant to the Municipal Development District Act. It is authorized that the City will administer the Development District and any tax increment financing districts. Within Development District No. 1, the City plans to create one or more tax increment financing districts established pursuant to the Tax Increment Act to finance the public improvements proposed for Development District No. 1. The public improvements may be initially financed from other City sources, including, but not limited to the use of improvement bonds issued pursuant to Minnesota Statutes, Chapter 429, which sources the City may reimburse from tax increment proceeds derived from tax increment districts to be created within Development District No. 1. The tax increment district or districts will be created at such time as will enable the City to capture the increase in taxable value of private improvements to be constructed within