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I. DEFINITIONS <br /> The terms defined below have, for purposes of this Redevelopment Plan, the meanings herein <br /> specified,unless the context specifically requires otherwise: <br /> "City"means the City of Elk River,Minnesota. <br /> "City Council"means the City Council of the City. <br /> "County"means Sherburne County,Minnesota. <br /> "Governing Body"means the duly elected City Council. <br /> "I-RA" means the Housing and Redevelopment Authority in and for the City of Elk River, <br /> Minnesota. <br /> "HRA Act"means Minnesota Statutes,Sections 469.001 to 469.047. <br /> "Project Area"means the area within the boundaries of the Redevelopment Project as shown in <br /> Exhibit A. <br /> "Public Redevelopment Costs"means all legally permissible costs incurred or to be incurred by <br /> or on behalf of the HRA in carrying out this Redevelopment Plan,including but not limited to: (a) the <br /> costs of any redevelopment activities consistent with this Redevelopment Plan or the Program <br /> Procedures as originally adopted or subsequently amended; (b) costs of administering the Program and <br /> the Redevelopment Project; and (c) debt service payments on any obligations issued to finance Public <br /> Costs authorized by the Redevelopment Plan. <br /> "Program" means a program to assist in the rehabilitation of owner-occupied single-family <br /> homes by making loans to qualifying homeowners in a targeted area in the City pursuant to the <br /> Program Procedures. <br /> "Program Procedures" means the Elk River HRA Owner-Occupied Housing Rehabilitation <br /> Program Policies and Procedures adopted by the HRA on the date hereof, as amended from time to <br /> time. <br /> "Redevelopment Plan" means this Redevelopment Plan for the Redevelopment Project, dated <br /> July 7,2014,as it may be amended or supplemented from time to time. <br /> "Redevelopment Project" means the target area for the Program, the boundaries of which are <br /> described on the attached Exhibit A. <br /> "State"means the State of Minnesota. <br /> II. STA 1EMENT OF NEED AND PUBLIC PURPOSE <br /> The HRA finds that there is a need for redevelopment within the City and the Project Area to <br /> prevent the emergence of blight,remedy blight and blighting conditions,promote the health,safety and <br /> 444465v1 JSB EL185-26 <br /> 2 <br />