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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 14th day of November, 1988, at 7:30 p.m. The following members were present: Rog, and the following were absent: Matson, Johnson, Kehr, Cushman, None. Member Kehr introduced the following resolution and moved its adoption: RESOLUTION NO. 8382 CITY INVOLVEMENT IN SALES OF PROPERTY WITH POTENTIAL NEED FOR TAX INCREMENT FINANCING WHEREAS, the City of Roseville has traditionally used tax increment financing for meritorious projects that fall within the city's policy guidelines and, WHEREAS, the City has recently been asked to utilize tax increment financing of projects where the City has not been involved in discussions relating to the original price of the land, and, WHEREAS, the City has been asked to make the projects "workable" by making up the difference between the original land costs versus fair market value for the project, NOW, THEREFORE, BE IT RESOLVED, that if the City of Roseville is being asked to participate with tax increment financing, particularly for those projects involving other public entities, the City shall be involved in the early discussions relating to the negotiated land price, and, BE IT FURTHER RESOLVED, that failure to involve the City in the early discussion stages, could jeopardize the use of tax increment financing for said project. The motion for the adoption of the foregoing resolution was duly seconded by Member Cushman, and upon a vote being taken thereon, the following voted in favor thereof: Matson, Johnson, Kehr, Cushman, Rog, and the following voted against the same: None. WHEREUPON said resolution was declared duly passed and adopted.