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5. Use of Tax Increments. The City finds and determines that the activities to be financed by the tax increments from the Tax Increment District will carry out the objectives of Development District No. 1, the Redevelopment Project Area and Industrial Development District No. 1 set forth in the Development Program. 6. Public Purpose. The provisions for the development and redevelopment of Development District No. 1, the Redevelopment Project Area and Industrial Development District No. 1 are in the public interest of the City and the expenditures of revenues of the Tax Increment District are for a public purpose. 7. Adoption of Tax Increment Plan Amendments. The Tax Increment Plan amendment by supplement set forth in the Program and Plans, having been duly reviewed and considered, is hereby approved and adopted. The duration of the Tax Increment District is hereby determined to be, and confirmed to be, December 31, 2009. If the City has taken action earlier to limit such duration to an earlier date, such earlier action is hereby repealed and the duration of the Tax Increment District is hereby extended to December 31, 2009. 8. Required Findings for Tax Increment Plan Amendments. The City hereby makes the following findings required to be made by the City in approving the amendment by supplement to the Tax Increment Plan: (1) the Tax Increment District is a redevelopment district; and (2) the development and redevelopment proposed for the Tax Increment District, in the opinion of the City, would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future; and (3) the City need not find that the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would. be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the Tax Increment District permitted by the Tax Increment Plan; and (4) the Tax Increment Plan conforms to the general plan for the development or redevelopment of the City as a whole; and (5) the Tax Increment Plan will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development and redevelopment of Development District No. 1, the Redevelopment Project Area and Industrial Development District No. 1 by private enterprise; and (6) the City confirms its past election of a method of computation of tax increments under Minnesota Statutes, Section 469.177, Subdivision 3, clause (b). The reasons and supporting facts for each of the above findings and determinations are set forth on Exhibit B attached hereto and by this reference incorporated herein as if stated fully herein, and are hereby confirmed, approved and adopted. 2116002v3 4