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'..- t "Tax Increment Act" means the statutory provIsions of Minnesota Statutes, sections 469.174 to 469.1799, inclusive, as amended and supplemented from time to time. "Tax Increment District" means any tax increment financing district presently established or to be established in the future within the Project Area. "Tax Increment Plan" means the respective Tax Increment Financing Plan for each Tax Increment District located within the Project Area. Subsection 1.2. Statement and FindinQ of Public Purpose. The Council of the City determined that there was and hereby reaffirms that there continues to be a need for the City to take certain actions designed to encourage and facilitate the private sector to (i) develop and redevelop underutilized, blighted, contaminated and unused land located within its corporate limits; (2) improve the tax base of the City, the County and the School District, thereby enabling them to better utilize existing public facilities and provide needed public services; (3) improve the general economy of the City, the County and the State; and, (4) provide additional employment opportunities for residents of the City and the surrounding area. Specifically, the City determined and reaffirms that there is property within the City that is unused due to a variety of factors, including fragmented ownership, contamination or blighted improvements, which have resulted in a lack of. private investment. Further, it was found that there are certain underutilized parcels of property within the City which were potentially more useful, productive and valuable than was being realized under existing conditions. As a result, the property was not providing adequate employment opportunities and was not contributing to the tax base and general economy of the City, the County, the School District and the State to its full potential. Therefore, the Council determined that it was necessary to exercise its authority to develop, implement and finance a Program for improving the Project Area to (1) provide an impetus for private development and redevelopment; (2) maintain and increase employment; (3) utilize, enhance and supplement existing potential; and, (4) provide other facilities as outlined in Subsection 1.4. of the Program. The Council also determined (1) that the proposed development or redevelopment would not occur solely through private investment in the foreseeable future; (2) that the Tax Increment Plans proposed herein were consistent with the Program; (3) that the Tax Increment Plans would afford maximum opportunity, consistent with the sound needs of the City as a whole for the development or redevelopment of the Project Area by private enterprise; and (4) that the Program conformed to the Comprehensive Plan of the City. The Council further determined that the welfare of the City, School District, County and State required active promotion, attraction, encouragement and 1-2