5.1 PCSR 05-27-2014 - Laserfiche WebLink

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welfare of City residents, encourage related development and redevelopment in order to protect and improve the tax base and general economic vitality of the City. More specifically, the HRA has identified that redevelopment of the Project Area and development of the Program is critical to the vitality and safety of the Project Area, and the City as a whole. The HRA has found that there exists a need in the City to provide financial assistance for the rehabilitation of residential properties in the Project Area. The Program will provide for the rehabilitation of owner-occupied housing property located in the Project Area. The policies and procedures for the Program are as set forth in the Program Procedures which are incorporated herein by reference. The HRA finds that the Program is in the public interest of the residents of the City and will enhance the properties in the Project Area. The Program is anticipated to provide a stimulating effect in the Project Area. This Redevelopment Plan will facilitate the cooperation of State Public Bodies, including but not limited to the City and the HRA, as contemplated by Section 469.041 of the HRA Act. The HRA finds that these redevelopment activities are essential to prevent further deterioration of the Project Area and the City as a whole, and that such efforts will also encourage and are in fact necessary for the future economic development of the City. The HRA specifically finds that: (a) the land within the Project Area would not be available for redevelopment without the financial aid to be sought under this Redevelopment Plan; (b) the Redevelopment Plan will afford maximum opportunity, consistent with the needs of the City as a whole, for the development of the Project by private enterprise; and (c) that the Redevelopment Plan conforms to the general plan for the development of the City as a whole. The HRA further finds that the Project is a "redevelopment project" within the meaning of Minnesota Statutes,Section 469.002,subd. 14 of the HRA Act. III. STATUTORY AUTHORITY The HRA is authorized under the HRA Act to undertake and administer the Redevelopment Plan, the Program,and the Project,and to finance Public Redevelopment Costs through a property tax levy authorized under the HRA Act and other revenues of the HRA. IV. STATEMENT OF OBJECTIVES The HRA seeks to accomplish the following general objectives within the Redevelopment Project: A. Promote the redevelopment of property within the Project Area in a manner consistent with the Program and the City comprehensive plan, which property is currently utilized by older housing stock. 444465v1 JSB EL185-26 3