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II. STATEMENT OF NEED AND OBJECTIVES <br /> The inclusion of the Additional Property in the Redevelopment Plans will aid in the <br /> redevelopment of the Additional Property in a manner beneficial to the residents of the City and <br /> consistent with the objectives of the HRA as stated in Redevelopment Plans and which will meet the <br /> needs specified in Redevelopment Plans. <br /> III. ADDITIONAL EXPENDITURE OF TAX INCREMENT <br /> Additional expenditures of tax increment from the Chandler District authorized by this <br /> 2002 Amendment to the Master Modification of the Redevelopment Plans and Tax Increment <br /> Financing Plans include costs associated with acquisition and rehabilitation and other public <br /> redevelopment costs associated with redevelopment activities related to the areas subject to the <br /> Redevelopment Plans. At this time the HRA has identified the following additional properties which <br /> may be acquired by the HRA, if the HRA hereafter determines that such acquisition is economical and <br /> desirable in connection with the redevelopment of such property: <br /> Prope= Address <br /> Hardee's Restaurant 4004 Silver Lake Road <br /> Exhaust Pro 4000 Silver Lake Road <br /> Dick's Phillips 66 Gas Station 2700 Kenzie Terrace <br /> In addition, in connection with any redevelopment of the property the HRA may <br /> become a limited partner in the owner of the property if it'deems it desirable. <br /> 2 <br />