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C. WHEREAS, pursuant to Minnesota Statutes, Section 475.60, Subdivision 2(6), public sale requirements do not apply to the Note; and D. WHEREAS, the maximum principal amount of the Note of $5,000,000 will be advanced and repaid in accordance with the terms of the Development Agreement; and the Development Agreement, as executed, is incorporated by reference: NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Roseville, Minnesota, as follows: 1. Acceptance of Offer. Pursuant to the Development Agreement, the City shall deliver to the Developer upon the purchase of the Redevelopment Property (as defined in the Development Agreement) a $5,000,000 Taxable Tax Increment Revenue Note of 1997 (Centre pointe Project) of the City (the "Note"), bearing no interest as hereinafter set forth, for which the consideration shall be the Developerls paYment of Public Redevelopment Costs as provided in the Development Agreement. 2. Title: Original Issue Date: Payments. The Note shall be a fully registered negotiable obligation, shall be titled "Taxable Tax Increment Revenue Note of 1997 (Centre Pointe Project)", shall be dated as of the date of delivery and shall be issued upon the purchase by the Developer of the Redevelopment Property. The Note shall be in the principal amount of $5,000,000, or so much thereof as (1) the Developer shall expend for Public Redevelopment Costs (as defined in the Development Agreement) and (2) the City shall recognize and accept in accordance with Section 3.6 and Exhibit D of the Development Agreement. The Note shall mature on February 1, 2008, to the extent that it has not been paid before, and paYments of principal shall be made on each February 1 and August 1, commencing August 1, 1999. The Note shall bear no interest. Principal is payable at such address as shall be designated in writing by the Developer or other registered holder of the Note, in any coin or currency of the United States of America which at the time of paYment is legal tender for public and private debts. 3. Termination: Reduction of Principal. The Note shall terminate in full and be cancelled without paYment if the Developer terminates the Development Agreement as provided in Article X of the Development Agreement. The Note shall terminate in part and its principal amount be reduced without paYment to the extent and in the manner provided by Section 9.12 of the Development Agreement. The Note shall terminate in full or in part to the extent provided in Section 8.2(b) of the Development 343795.2 2