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• (h) To employ any of the powers of the EDA or the City for the benefit of the <br /> Development Project in such cases and upon such terms as the EDA or the City may <br /> deem appropriate. <br /> (i) To construct or acquire public and other facilities deemed desirable for the <br /> development of the Development Project. <br /> (j) To promote redevelopment of blighted or marginal property. <br /> Section 1.5. Establishment and Boundaries of the Development Project. The property <br /> within the City which is hereby designated as and which shall initially constitute the <br /> Development Project is the property shown on Exhibit A attached hereto. The EDA and the City <br /> find that the Development Project, together with the objectives sought to be accomplished or <br /> encouraged with respect to such property, constitutes a "development district" within the <br /> meaning of Minnesota Statutes, Section 469.125, Subdivision 9, and a "redevelopment project" <br /> within the meaning of Minnesota Statutes, Section 469.002, Subdivision 14, and that the <br /> Development Program constitutes without limitation a "development program" within the <br /> meaning of Minnesota Statutes, Section 469.125, Subdivision 3, and a "redevelopment plan" <br /> within the meaning of Minnesota Statutes, Section 469.002, Subdivision 16. <br /> Section 1.6. Estimated Development Costs. The Development Program shall include <br /> the estimated public improvement and public development costs to be made or incurred within <br /> the Project Area and financed in whole or in part by such City or EDA revenues as may be <br /> • available for such purposes. The Development Program shall specifically include the following <br /> estimated costs of the development within the Project Area of facilities (1) for City Hall <br /> expansion for the benefit of the Elk River Municipal Utility totaling approximately$1,000,000 in <br /> currently estimated costs and (2) for public safety facilities, including police and fire totaling <br /> approximately$8,000,000 in currently estimated costs. <br /> Should bonding be required, for these public utility and public safety costs, as is <br /> expected, issuance costs, capitalized interest, bond discount and other customary bonding costs <br /> (development costs would also include interest on indebtedness incurred to pay such costs) <br /> would be additional costs of the Development Program. The EDA may issue lease revenue <br /> bonds or other obligations to assist in financing these various costs, in whole or in part. <br /> • <br /> 1382791v1 4 <br />