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.' '- development of economically sound housing, industry and commerce to carry out its stated public purpose objectives. Subsection 1.3. Statutory Authority. The Council determined and hereby reaffirms that it continues to be desirable and in the public interest to designate a specific area within the corporate limits of the City as the Project Area and to establish, develop and implement a Program pursuant to the provisions of the Development District Act, as amended and supplemented from time to time. Funding of the necessary activities and improvements in the Project Area shall be accomplished, in part, with any funds the Council has or may have available from any source, including funds made available by the City and through tax increment financing pursuant to the Tax Increment Act. The Tax Increment Act authorizes the establishment of tax increment districts within the Project Area pursuant to the requirements set forth in Section 469.174. The Tax Increment Act also designates the types of tax increment districts, and establishes the limitations and requirements that apply to activities and public improvements which can be financed for each type of tax increment district. It is the intention of the City, notwithstanding the enumeration of specific goals and objectives in the Program, that the City shall have and enjoy with respect to the Project Area the full range of powers and duties conferred upon the City pursuant to the Development District Act, the Tax Increment Act, and such other legal authority as the City may have or enjoy from time to time. The City was provided with special legislation as set forth in Laws of Minnesota 1998, Chapter 389, Article 11, Section 24 (the "Special Legislation"). The Special Legislation allows the City to establish Tax Increment Districts with special rules through December 31, 2008 in an area designated in the Special Legislation. The City has developed and adopted a budget specifically for this designated area as set forth in Exhibit I-C. Subsection 1.4. Statement of Obiectives. The Council originally determined, and its determinations are hereby reaffirmed, that the establishment of the Project Area and the adoption of the Program would provide the City with the ability to achieve certain public purpose goals not otherwise obtainable in the foreseeable future without City intervention in the normal development or redevelopment process. These public purpose goals included: (1) restoration and improvement of the tax base and tax revenue generating capacity of the Project Area; (2) increased employment opportunities; (3) realization of comprehensive planning goals; (4) removal of blighted conditions; and, (5) revitalization of the property within the Project Area to create an attractive, comfortable, convenient and efficient area for housing, industrial, commercial, and related uses. 1-3