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<br />modifications or terminations of assessment agreements if the <br />estimated market value for the property for the most recently <br />available assessments is less than the minimum market value <br />established by the assessment agreement for that or any later <br />year and if bond counsel does not conclude that termination of <br />the agreement is necessary to preserve the tax-exempt status of <br />bonds; and the original Assessment Agreement has served as a <br />floor to the market values of the Development Property and <br />Project as defined therein and bond counsel does not require the <br />agreement to be terminated: <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Roseville, Minnesota, as follows: <br /> <br />1. City Approval. The Amendment is hereby approved in <br />substantially the form submitted to this meeting. The Mayor and <br />City Manager are hereby authorized and directed to execute the <br />Amendment after approval of the County Board and School Board, <br />with such changes or modifications thereof, additions thereto and <br />deletions therefrom as shall be deemed necessary and appropriate <br />by the Mayor and City Manager. The execution of the Amendment <br />shall be conclusive proof of the necessity or appropriateness of <br />the terms thereof. <br /> <br />2. County Board and School Board Approval. The City <br />Manager is hereby authorized and directed to submit the Amendment <br />to the County Board and School Board for their approval. <br /> <br />3. Recordation. The Amendment shall be recorded along <br />with records of the approvals by the City, County Board and <br />School Board, as required by the Minnesota Tax Increment Law. If <br />the City Manager so requires, the Amendment shall only be <br />recorded if mortgagees or others with encumbrances on the <br />property since the recordation of the original Assessment <br />Agreement provide subordinations or other assurances that they <br />are bound by the Amendment. <br /> <br />The motion for the adoption of the foregoing resolution <br />was duly seconded by member Mastel and, after full <br />discussion thereof and upon a vote being taken thereon, the <br />following voted in favor thereof: <br />Maschka, Goedeke, Mastel, Wiski, and Wall, <br /> <br />and the following voted against the same: <br /> <br />None. <br /> <br />Whereupon said resolution was declared duly passed and <br /> <br />adopted. <br /> <br />338837.1 <br /> <br />2 <br />