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3. The Developer intends to demolish the Buildings and the City intends to <br />subsequently include the Parcel in a redevelopment tax increment district established pursuant to <br />Minnesota Statutes, Section 469.174, subdivision 10, which TIF District, if established, shall be <br />established within three years of the date hereof. <br />4. The Mayor and City Administrator are hereby authorized and directed to execute <br />a Development Agreement with the Developer in substantially the form submitted to the City <br />Council to provide for the demolition of the Building. <br />5. Upon filing the request for certification of the tax capacity of the Parcel as part of <br />the TIF District, the City will notify the county auditor that the original tax capacity of the Parcel <br />must be adjusted as provided in Minnesota Statutes, Section 469.177, Subdivision 1, paragraph <br />(0 - <br />Passed and adopted by the City Council of the City of Hugo, Minnesota, this 7th day of <br />August, 2006. <br />ATTEST: <br />City Cl ary Ann Creager 77 <br />issasstvi <br />