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<br />from one or more tax increment financing districts established within such municipal <br />development district; and <br /> <br />WHEREAS, among the major objectives of the City in establishing the Project are to <br />eradicate blight and blighting conditions existing within the City, to enhance the tax base of the <br />City, to provide decent, safe, and sanitary housing opportunities for the residents of the City, to <br />promote and secure the prompt commercial development of certain real property located in th~ <br />Project Area which property is not now in productive use or in its highest and best use, in a <br />manner consistent with the City's Comprehensive Plan and with a minimum adverse impact on <br />the environment, and to promote and create additional employment opportunities within the City <br />for residents of the City and the surrounding area, thereby improving living standards and <br />reducing unemployment; <br /> <br />WHEREAS, the City is willing to consider creating a series of tax increment financing <br />districts to provide a source of funds to offset a portion of the extraordinary costs associated with <br />the redevelopment of the Project as the Developer proceeds with the various phases of the <br />redevelopment effort; and <br /> <br />WHEREAS, as a part of the implementation of the Master Plan, within the Project Area <br />the City has acquired one parcel of property (the "City Property") and the City has the legal <br />authority to acquire other properties in order to facilitate the redevelopment of the Project Area; <br />and <br /> <br />WHEREAS, the City is willing to work with the Developer under the terms provided in <br />this Agreement to acquire properties in the Project Area in order to assist in the redevelopment <br />effort; and <br /> <br />WHEREAS, due to the high costs associated with the redevelopment of land which is <br />occupied by structures the City and Developer have determined that the redevelopment of the <br />Project Area, as provided herein would not be economically feasible absent the financial and <br />other assistance on the part of the City contemplated by this Agreement; and <br /> <br />WHEREAS, the City believes that the redevelopment of the Project Area as more fully <br />set forth in this Agreement pursuant to the terms of this Agreement, and fulfillment of this <br />Agreement are vital and are in the best interests of the City and the health, safety, morals and <br />welfare of its residents, and in accordance with the public purpose and provisions of the <br />applicable state and local laws and requirements under which the Project has been undertaken <br />and is being assisted. <br /> <br />NOW, THEREFORE, in consideration of the premises and the mutual obligations of the <br />parties hereto, each of them does hereby covenant and agree with the other as follows: <br /> <br />ARTICLE I <br /> <br />DEFINITIONS <br /> <br />2 <br />