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<br />1.11. The Council created Tax Increment Financing District NO.1 0 within the Project <br />Area and approved and adopted a Tax Increment Financing Plan relating thereto on December <br />19, 1985, at which time the duration of the tax increment financing district was expected to be <br />twelve (12) years from receipt of the first anticipated tax increment in 1988, thereby designating <br />a termination date of December 31,2000, pursuant to Section XI, Subsection 11.12. of the tax <br />increment financing plan. <br /> <br />1.12. The Council created Tax Increment Financing District No. 12 within the Project <br />Area and approved and adopted a Tax Increment Financing Plan relating thereto on February 24, <br />1987, at which time the duration of the tax increment financing district was expected to be twelve <br />(12) years from receipt of the first anticipated tax increment in 1989, thereby designating a <br />termination date of December 31, 2000, pursuant to Section XIII, Subsection 13.12. of the tax <br />increment financing plan. <br /> <br />1.13. The Council created Tax Increment Financing District No. 13 within the Project <br />Area and approved and adopted a Tax Increment Financing Plan relating thereto November 24, <br />1987, at which time the duration of the tax increment financing district was expected to be <br />thirteen (13) years from receipt of the first anticipated tax increment in 1990, thereby designating <br />a termination date of December 31,2002, pursuant to Section XN, Subsection 14.12. ofthe tax <br />increment fmancing plan. <br /> <br />1.14. The Council created Tax Increment Financing District No. 14 within the Project <br />Area and approved and adopted a Tax Increment Financing Plan relating thereto March 22, 1988, <br />at which time the duration of the tax increment financing district was expected to be twelve (12) <br />years from receipt of the first anticipated tax increment in 1991, thereby designating a termination <br />date of December 31, 2002, pursuant to Section XV, Subsection 15.12. of the tax increment <br />financing plan. <br /> <br />1.15 The Council created Tax Increment Financing District No. 15 within the Project <br />Area and approved and adopted a Tax Increment Financing Plan relating thereto March 22, 1988, <br />at which time the duration of the tax increment financing district was expected to be nineteen (19) <br />years from receipt of the first anticipated tax increment in 1990, thereby designating a termination <br />date of December 31,2008, pursuant to Section XVI, Subsection 16.12. of the tax increment <br />financing plan. <br /> <br />L 16. The Council has since determined that it is necessary and in the best interests of <br />the City to extend the expected durations of Tax Increment Financing Districts Nos. 1 - 10 and <br />12 ~ 15 from the dates anticipated by each individual tax increment financing plan to the <br />maximum duration of twenty-five years (25) from the date of receipt of the first tax increment for <br />each of the tax increment financing districts as allowed by Minnesota Statutes, Section 469.176. <br /> <br />3 <br />