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<br />,'., f <br /> <br />,~ /'. <br /> <br />(a) This City Council has heretofore duly adopted <br />a development program to promote development <br />and redevelopment activi ty in the City (the <br />"Development Program") and established a muni- <br />cipal development district designated as De- <br />velopment District No. I (the "Development <br />District"), which includes the area of the <br />City described within the Development Program, <br />and has duly adopted a Tax Increment Financing <br />Plan and established Tax Increment Financing <br />Distr ict No. 4 ("Tax Increment D istr ict No. <br />4") which is within the Development District, <br />all of the above in accordance with Minnesota <br />Statutes, Chapter 4 72A, as amended, and Sec- <br />tions 273.71 to 273.78, inclusive, as amended. <br /> <br />(b) The City has requested the Director of Taxa- <br />tion and Records Administration of Ramsey <br />County (the "County Auditor") to certify to <br />the City the assessed value of all taxable <br />property in Tax Increment District No. 4 as of <br />January 2, 1982 (the "Original Assessed <br />Value"), and to certify to the City each year <br />thereafter the then current assessed value of <br />all taxable property in Tax Increment District <br />No. 4 (the "Current Assessed Value"). The <br />Current Assessed Value for each year less the <br />Original Assessed Value, as the same may be <br />adjusted from time to time as required by law, <br />is the Captured Assessed Value for that <br />year. The ad valorem taxes derived from the <br />property in Tax Increment District No. 4 in <br />each year, by application of the aggregate <br />mill rate levied by all governmental entities <br />having author ity to levy taxes on such prop- <br />erty to the Captured Assessed Value, plus any <br />real estate tax reimbursement to be paid by <br />the State of Minnesota respecting property <br />within Tax Increment District No.4, are the <br />tax increments to be derived from said Dis- <br />trict (the "Tax Increments"). <br /> <br />(c) It is in the best interests of the City, in <br />order to promote the purposes and realize the <br />Objectives of the Development Program, to help <br />finance development within the Development <br />District in accordance with the Tax Increment <br />Financing Plan for Tax Increment District No. <br />4. The City, in accordance wi th Minnesota <br />Statutes, Section 4 72,A. 03, has undertaken <br />p~blic improvements (the "Improvements") <br />relating to the construction of the New <br /> <br />- 2 - <br />