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EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF ROSEVILLE Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Roseville, County of Ramsey, Minnesota was duly held on the 8th day of August, 2011, at 6:00 p.m. The following members were present: McGehee, Pust, Johnson, Willmus and Roe and the following were absent: none. Member Johnson introduced the following resolution and moved its adoption: RESOLUTION NO. 10918 RESOLUTION APPROVING THE TERMS OF UP TO A $6,000,000 INTERFUND LOAN IN CONNECTION WITH TAX INCREMENT FINANCING DISTRICT NO. 17 BE IT RESOLVED by the City Council (the "Council") of the City of Roseville, Minnesota(the "City"), as follows: Section 1. Background. (a) The City has heretofore approved the establishment of Tax Increment Financing District No. 17 (the "TIF District") within Municipal Development District No. 1, and has adopted a tax increment financing plan for the TIF District(the "TIF Plan"). (b) The City has determined to pay for certain costs identified in the TIF Plan consisting of certain administrative expenses (the "Qualified Costs"), which costs may be financed on a temporary basis from City funds available for such purposes. (c) Under Minnesota Statutes, Section 469.178, Subd. 7, the City is authorized to advance or loan money from the City's general fund or any other fund from which such advances may be legally made, including tax increments from tax increment financing districts (collectively,the "Fund"), in order to finance the Qualified Costs. (d) The City intends to reimburse itself for the payment of the Qualified Costs, plus interest thereon, from tax increments derived from the TIF District in accordance with the terms of this resolution (which terms are referred to collectively as the "Interfund Loan"). Section 2. Terms of Interfund Loan.