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INTRODUCTION AND LEGAL BASIS <br />A. Intent <br />The Economic Development Authority of the City of Ramsey, <br />Minnesota (the "EDA"), proposes to establish a Redevelopment <br />Project Area as described herein (the "Redevelopment Area"), in <br />connection with the development of Ramsey Town Center, <br />including the acquisition and betterment of a municipal center <br />consisting of police, city hall facilities and related parking within <br />Ramsey Town Center. The City of Ramsey, Minnesota (the <br />"City") will lease the municipal center from the EDA with an <br />option to purchase pursuant to a lease with option to purchase <br />agreement. Revenue bonds in the principal amount not to exceed <br />approximately $19,200,000 are proposed to be sold by the EDA to <br />finance the redevelopment project costs associated with the <br />municipal center. The revenue bonds will be secured by the <br />payments to be made by the City under the lease with option to <br />purchase agreement. <br />In the remainder of the Redevelopment Area the EDA proposes to <br />facilitate, as appropriate, private development by acquiring land <br />and preparing it for private development and by constructing <br />public infrastructure improvements. <br />B. Statement <br />The City and EDA have determined that development has not <br />occurred within the Redevelopment Area by private enterprise in <br />accordance with the goals and objectives of the EDA and the City. <br />It has been found that the Redevelopment Area is potentially more <br />useful and valuable for contributing to the public health, safety and <br />welfare than has been realized under existing development. <br />The development of these parcels in accordance with the goals and <br />objectives of the EDA and the City are not attainable in the <br />foreseeable future without the intervention of the EDA and the <br />City in the private development process. The EDA has prepared <br />this Redevelopment Plan, thereby making the land useful and <br />valuable for contributing to the public health, safety and welfare. <br />C. Redevelopment Area Boundaries <br />The boundaries of the Redevelopment Area are outlined on the <br />Redevelopment Area Boundary Map, Exhibit A. <br />All land included in the Project Area is within the legal boundaries <br />of the City. <br />1723662v4 <br />