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Introduction The purpose of this modification is to provide budgetary authority to utilize increased tax increment, to modify the budget to reflect actual project activity and to bring it into compliance with the State Auditor budget requirements and to complete a master modification to enlarge Redevelopment Project Area No. 3 to make the boundaries coterminous with the corporate boundaries of the City of St. Anthony. The boundaries of the Chandler Place Tax Increment District are not being changed. REDEVELOPMENT PROJECT NO.3 (AS MODIFIED ONMA.RCH14, 2006) The Commissioners of the Housing and Redevelopment Authority of St. Anthony, Minnesota (the "ERA") 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: Chandler Place Tag Increment District (Ramsey County No. 058-0) and TIF District 3-5 (Ramsey county No. 246-0) (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 November 12, 1996 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 "Master Modification") which combined the areas subject to the Redevelopment Plans and authorized tag increment revenue derived from any of the Districts to be utilized in any area subject to the Redevelopment Plans, The HRA has identified certain property in the City not presently included in any of the areas subject to the Redevelopment Plans 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 in Exhibit A. By this 2006 Amendment to the Master Modification the Commissioners of the HRA amend the Redevelopment Plans to include all properties located within the corporate boundaries of the City and amend the Financing Plans to authorize the additional expenditure of tag increment revenues derived from either of the Districts. The authorization on the expenditure of tax increment revenue from a District is subject to any limitations on such expenditures with respect to such District contained in the Minnesota Tax Increment Financing Act (Minnesota Statutes, Section 469.174 to 469.1799). This Amendment to the Master Modification is approved by the Commissioners -of the HRA and the City pursuant to Minnesota Statutes, Chapter 469.029, subdivision 6, and Minnesota Statues, Section 469.175, subdivision 4. Housing and Redevelopment Authority of St. Anthony Modification to the TIF Plan for the Chandler Place TIF District 9