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1.07 Rice and the City entered into an Assessment Agreement for the Commercial Parcel dated as of July 13, 1999. 1.08 Rice assigned all of its rights and obligations with respect to the Commercial Parcel to ENBY LLC ("EN BY") by way of an Assignment, Assumption and Consent Agreement dated April 9, 2001. 1.09 It has been proposed that the City, Meadowood, and ENBY amend the Redevelopment Contract as provided in the First Amendment to the Contract for Private Redevelopment (the "First Amendment") between the parties. 1.10 It has further been proposed that the City and Meadowood enter into a Memorandum of Contract in order to memorialize certain provisions provided in the First Amendment regarding the Housing Parcel (the "Housing Memorandum"). 1.11 It has further been proposed that the City and ENBY enter into a Memorandum of Contract in order to memorialize certain provisions provided in the First Amendment regarding the Commercial Parcel (the "Commercial Memorandum"). 1.12 It has further been proposed that the City authorize the execution of an amendment to its Assessment Agreement with Meadowood, if Meadowood elects, to reflect the changes adopted in the amended Development Agreement (the "Amendment to Housing Parcel Assessment Agreement"). 1.13 It has further been proposed that the City authorize the execution of an amendment to its Assessment Agreement with ENBY, if ENBY elects, to reflect the changes adopted in the amended Development Agreement (the "Amendment to Commercial Parcel Assessment Agreement"). Section 2. Findinqs. 2.01 The Council hereby finds that the First Amendment, the Housing Memorandum, the Commercial Memorandum, the Amendment to Housing Parcel Assessment Agreement, and the Amendment to Commercial Parcel Assessment Agreement all promote the objectives outlined in the City's Modified Development Program established pursuant to Minnesota Statutes, Sections 469.124 to 469.134, inclusive, as amended and supplemented from time to time, and the Tax Increment Financing Plan for Tax Increment Financing District No. 28 established pursuant to Minnesota Statutes, Sections 469.174 to 469.1791, inclusive, as amended and supplemented from time to time. Section 3. Approval of Documents and Authorizations.