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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF ROSEVILLE, MINNESOTA HELD: March 24, 1997 Pursuant to due call and notice thereof, a reGular meeting of the City Council of the City of Roseville, Ramsey County, Minnesota, was duly called and held at the City Hall in said City on Monday, the 24th day of March, 1997, at 6:30 o'clock~.M., for the purpose in part of authorizing a $5,000,000 Taxable Tax Increment Revenue Note of 1997 (Centre Pointe Project) of the City. The following members were present: Mastel, wi ski, Goedeke, Maschka, and Wall, and the following were absent: None. Member Maschka introduced the following resolution and moved its adoption: RESOLUTION 9396 RESOLUTION AUTHORIZING A $5,OCO,OOO TAXABLE TAX INCREMENT REVENUE NJTE OF 1997 (CENTRE POINTE PROJECT), AND PROVIDING FOR ITS ISSUANCE A. WHEREAS, Ryan Twin Lakes Limited Partnership (the "Deo.oeloper") and :.he City of Roseville, Minnesota (the "City"), will enter into a Development Agreement (the "Development hgreement") relating to the Centre Pointe Project (the "Project"); and B. WHEREAS, it is necessary and expedient to issue the City's $5,000,000 Taxable Tax Increment Revenue Note of 1997 (Centre Pointe Proj ect) (the "Note") pursuant to Minnesota Statutes, Chapters 469 and 475, to evidence the indebtedness of the Development Agreement in order to finance certain public redevelopment costs within the City's Municipal Development District No.1, Industrial Development District No. 1 and Redevelopment Project Area (collectively, the "Development District"), consisting generally of improvements in the City's Tax Increment Financing District No.1, as set forth in the tax increment financing plan adopted and amended for Tax Increment Financing District No. 1 (the "Tax Increment District") created by the City within the Development District; and 343795.2 1