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WHEREAS, the Ci�y has long planned �o te�rz�inate t�e Tax �ncrement D�s�riet in 2b47, ana �as repartet� to the �tate t}zat its "dal� o�'z'equiar�cl decertz�aca�ion" is December 31, 2007; and WHEREAS, the Czty can �'ind no reca�rd of taking any of£'icial actian t� shorten ihe duraiian af �he Tax Incre�ncz�t District, iaut as a cha�g� zn its �ong-�lazzned earIzer terrz�znatiorz wish�s to confirzr� the duratian of th.e Tax Tncxeznen� Di�trict thrat�g� the iu�l period provided b� law, and �o prpvide far use of the tax increme�ts received in 2008 and 2009; ar�d WHEREAS, Minn�sota Statutes, Sectian 469,17�, Subdivision �, provides a g�neral rule far �he expenditur� caf tax increznents ta pay costs o� redevelo�me�t pursuant to the Minnesata Port Authoriti�s AGt, and to pay publzc xedevelopment costs pursuant to the Nl�nnesota Housing az�d R�develop��,nt Autl�oxitaes Act, �nci to pay tl�e capital and admi�is�ra�iQn costs o� a develo�n�ent distriet under the Mir�esota City De�eloprr�ent District Act; azxd WH�R.EAS, the City is entztlec� to spend far t�e pt�rposes noted above beea�ase it has heretofore �stablished its Development Dis�rict No. l, Redevelop�nen� �'rojeet Area and �zadustrial Developzx�er�t District Na. � under such laws as "projeets" within t�e meaning of Miru�esata Statute�, Section 469.1'74, Subdiv�sion 8, of the Minn�snta Tax Increm�ent �`inancin� Aci; and WHEREA,S, undex (1) th� Miz�esota City Develapment Dis�rici Act, Minnesota Statutes, Sectio�;s 469.124 t�rough q�&9.134�, (2) the Minnesota Housing and Redevelopment Authorities Act, Mirar�esota Statutes, Sections 469.401 t�t'ough 469.04�7, and (3) the Minnesota �'nrt A�tY�nrities Act, Minnesota Statutes, Sectinns 4b9.048 thra�zgh 469.4G8 and 469.082 (eollectively, the "Enabling Act"j, the City will undertake activiiies in fiartherance of the develop�ient prograz�a �'or De�elopment Distr�et Na. l, of the redeveloptrzent o�fhe Redevelopment PrQject Area, anc� oi the redevelop�'nen� oi Tndustrial Development Dis�rict No. 1; a�d WHE�tEA.S, ine City wishes to amend by suppleanrient tl�e developzz�e�nt pro�ram for Develop�ent Disirzct Na. l, fhe redevelapment plan for t�e Redevelapme�t Pre�ject Area, and tl�e plan for Indusi;rial Deveiapment District Na. l., in arder �o undertal�e deveXa�m�nt and redevela�zz�ent r�vl�ic� is n�cessary az�d desirable to the fuil developznent and xedevelopment of Development District No. 1, the Red�veloprnent Project Area and Industrial Develo�rnant Distric� No. 1, as set %rth in the Program and Flans �t�a "Developrr�eni Program"); an� , WHEREAS, the City's deve�opm�nt activiiies �n Develapm�nt Distriet Na. 1, the Red�velapment Project Area and Industrial Developrrtent District No. 1 will require financial s�pport from t�e City, and the City wishes to utilize tax increments as the primary source for such s�ppari farom the Tax Increz�aent District in Developz�aent District No. 1, t�:e Redevelopment Proj�ct Area and �ndu�trial Devela�rnent District No. l, all pursuant to t�e pravisions a�'the arz�en�me�t by su�plement to the ta� increment finarseing plan for the Tax Increment District set forth in ihe Pragram and Plans (the "Tax Ir�crement Plan"); a.z�d 2[i6002v3 �