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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 28th day of April, 1986 at 7:30 p.m. The following members were present: Kehr, Cushman, Matson, and Johnson, and the following were absent: Demos. Member Matson introduced the following resolution and moved its adoption: RESOLUTION 7896 POLICY GUIDELINES FOR FINANCING DEVELOPMENT PROJECTS WHEREAS, Tax Increment Financing has been Roseville's primary approach to economic development; and, WHEREAS, Congress is proposing substantial limitations on the City's ability to issue Tax Exempt General Obligation Bonds; and, WHEREAS, The Minnesota State Legislature has proposed legislation that would severely limit the use of tax increment; and, WHEREAS, The City of Roseville is desirous of continuing, but modifying its tax increment financing approach to economic develop- ment; and, WHEREAS, The City of Roseville has the authority to issue taxable bonds for loan purposes; and, WHEREAS, The Roseville Port Authority has the legislative authoriza- tion to enter into loans with private parties; NOW, THEREFORE, BE IT RESOLVED, that the preferred method of City financial participation in development projects will be the use of low interest loans (per M.S. 301 and 458) for those projects meeting the City of Roseville's policy guidelines; and, BE IT FURTHER RESOLVED, that the City recognizes there may be developments which may warrant the use of tax increment financing and other financial programs available to the City, if such proposed development is determined to be of significant benefit and, addresses a priority need for the City of Roseville.