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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 /> <br /> (i) To construct or acquire public and other facilities deemed desirable for the <br />development of the Development Project. <br /> <br />(j) To promote redevelopment of blighted or marginal property. <br /> <br /> Section 1.5. Establishment and Boundaries of the Development Proiect. 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 /> <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 /> <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 vari6us costs, in whole or in part. <br /> <br />1382791vl <br /> <br />4 <br /> <br /> <br />