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11 • I. INTRODUCTION The Commissioners of the Housing and Redevelopment Authority of St. Anthony, Minnesota(the "HRA") and the City of St. Anthony, Minnesota (the"City"), have previously approved five Redevelopment Plans designated as Kenzie Terrace Redevelopment Plan, Chandler Place Redevelopment Plan, Highway Eight Redevelopment Plan, Redevelopment Plan for Redevelopment Project No. 2 (Ramsey County) and Redevelopment Plan for Redevelopment Project No. 3 (Ramsey County), together with certain amendments thereto (as so amended, the "Redevelopment Plans"), and have approved redevelopment projects (the "Redevelopment Projects") to be undertaken pursuant thereto, and in order to finance the public redevelopment costs to be incurred by the City and the HRA in connection with certain of the Redevelopment Plans and the Redevelopment Projects, the HRA and the City have approved tax increment financing plans (the "Financing Plans") which establish two tax increment financing districts designated by the HRA as follows: Kenzie Terrace Tax Increment District (Hennepin County No. 1950) and Chandler Place Tax Increment District (Ramsey County No. 58) (the "Districts"). In order to authorize the City and HRA to undertake certain activities designed to remove, prevent and reduce blight, blighting factors and the causes of blight in the City and provide facilities intended to serve all residents of the City, that the HRA on June 27, 1995 approved amendments to the Redevelopment Plans, the Redevelopment Projects and the Financing Plans designated as the Master Modification to the Redevelopment Plans and Tax Increment Financing Plans (the "Original Master Modification") which combined the areas subject to the Redevelopment Plans and included additional property in the area subject to the Redevelopment Plans and authorized tax increment revenue derived from other of the Districts to be utilized in any area subject to the Redevelopment Plans. On November 12, 1996 the HRA approved amendments to the Original Master Modification designated as the "1996 Amendments to the Master Modification to Redevelopment Plans and Tax Increment Financing Plans" (the"1996 Amendment"), which included additional property in the area subject to the Redevelopment Plans and amended the Financing Plans to authorize additional expenditure of tax increment revenue derived from either of the Districts, and on January 23, 2001 the HRA approved the "2001 Amendment to the Tax Increment Financing Plan for Chandler Place Tax Increment District (Ramsey County No. 58)" (the "2001 Amendment"), which amended the Tax Increment Financing Plan for the Chandler Place Tax Increment District (Ramsey County No. 58) (the "Chandler District") to identify property which the HRA intends to acquire with tax increment revenues derived from the Chandler District. The Original Master Modification, as amended by the 1996 Amendments and the 2001 Amendment is herein called the "Master Modification'. The HRA has identified certain property in the City not presently included in any of the areas subject to the Redevelopment Plan for the Chandler District which the HRA believes either presently contains blight or blighting factors or which because of age, obsolescence, market conditions and other factors is suspectable to blighting conditions. Such property is identified on Exhibit A hereto (the "Additional Property"). By this 2002 Amendment to the Master Modification the Commissioners of the HRA amend the Redevelopment Plans to include the Additional Property in the area subject to the Redevelopment Plans and amend the Financing Plans to authorize the additional expenditure of tax increment revenues derived from Chandler District. The authorization on the expenditure • of tax increment revenue from the Chandler District is subject to any limitations on such