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CITY OF CENTERVILLE RESOLUTION 95-29 WHEREAS, the City ofCenterville approved on June 28, 1995 the creation of Tax Increment Financing District No. 1-4 an Economic Development District and, WHEREAS, pursuant to Minnesota Statutes, Section 273.1399, the district will cause a reduction in state aids paid to the municipality unless the district qualifies as an exempt district and, WHEREAS, the 1995 Minnesota legislature amended the tax increment financing act to permit a district to be exempt if the municipality elects at the time of approval of the district to make a qualifying local contribution and, WHEREAS, the 1995 amendment allows the governing body of a municipality by December 31, 1995, to choose to make a qualifYing contribution for a tax increment financing district whose request for certification was made after June 30, 1994 and before July 1, 1995. THEREFORE, be is resolved by the Centerville City Council that is elects to make a contribution of 10% of the annual increment estimated to be generated from Tax Increment District No. 1-4 and that the contribution will be paid from unrestricted money, will not be made directly or indirectly with tax increments or developer payments and it will be used to pay project costs and will not be used for general governmental purposes or for improvements or costs that the city plans to incur without the project. Adopted by the City Council this 13th day of December 1995. ~.~~ Mayor Wilharber ATTEST: ~'~?fc City Clerk