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WHEREAS, the City has long planned to terminate the Tax Increment District in 2007, and has reported to the State that its "date of required decertification" is December 31, 2007; and WHEREAS, the City can find no record of taking any official action to shorten the duration of the Tax Increment District, but as a change in its long-planned earlier termination wishes to confirm the duration of the Tax Increment District through the full period provided by law, and to provide for use of the tax increments received in 2008 and 2009; and WHEREAS, Minnesota Statutes, Section 469.176, Subdivision 4, provides a general rule for the expenditure of tax increments to pay costs of redevelopment pursuant to the Minnesota Port Authorities Act, and to pay public redevelopment costs pursuant to the Minnesota Housing and Redevelopment Authorities Act, and to pay the capital and administration costs of a development district under the Minnesota City Development District Act; and WHEREAS, the City is entitled to spend for the purposes noted above because it has heretofore established its Development District No. 1, Redevelopment Project Area and Industrial Development District No. 1 under such laws as "projects" within the meaning of Minnesota Statutes, Section 469.174, Subdivision 8, of the Minnesota Tax Increment Financing Act; and WHEREAS, under (1) the Minnesota City Development District Act, Minnesota Statutes, Sections 469.124 through 469.134, (2) the Minnesota Housing and Redevelopment Authorities Act, Minnesota Statutes, Sections 469.001 through 469.047, and (3) the Minnesota Port Authorities Act, Minnesota Statutes, Sections 469.048 through 469.068 and 469.082 (collectively, the "Enabling Act"), the City will undertake activities in furtherance of the development program for Development District No. 1, of the redevelopment of the Redevelopment Project Area, and of the redevelopment of Industrial Development District No. 1; and WHEREAS, the City wishes to amend by supplement the development program for Development District No. 1, the redevelopment plan for the Redevelopment Project Area, and the plan for Industrial Development District No. 1, in order to undertake development and redevelopment which is necessary and desirable to the full development and redevelopment of Development District No. 1, the Redevelopment Project Area and Industrial Development District No. 1, as set forth in the Program and Plans (the "Development Program"); and WHEREAS, the City's development activities in Development District No. 1, the Redevelopment Project Area and Industrial Development District No. 1 will require financial support from the City, and the City wishes to utilize tax increments as the primary source for such support from the Tax Increment District in Development District No. 1, the Redevelopment Project Area and Industrial Development District No. 1, all pursuant to the provisions of the amendment by supplement to the tax increment financing plan for the Tax Increment District set forth in the Program and Plans (the "Tax Increment Plan"); and 2116002v3 2