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Last modified
7/17/2007 8:38:11 AM
Creation date
12/2/2004 9:13:16 AM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
9396
Resolution Title
Authorizing a $5 million taxable Tax Increment Revenue Note of 1997 as approved by the City Attorney (3/24/97).
Resolution Date Passed
3/24/1997
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<br />C. WHEREAS, pursuant to Minnesota Statutes, Section <br />475.60, Subdivision 2(6), public sale requirements do not apply <br />to the Note; and <br /> <br />D. WHEREAS, the maximum principal amount of the Note <br />of $5,000,000 will be advanced and repaid in accordance with the <br />terms of the Development Agreement; and the Development <br />Agreement, as executed, is incorporated by reference: <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the <br />City of Roseville, Minnesota, as follows: <br /> <br />1. Acceptance of Offer. Pursuant to the Development <br />Agreement, the City shall deliver to the Developer upon the <br />purchase of the Redevelopment Property (as defined in the <br />Development Agreement) a $5,000,000 Taxable Tax Increment Revenue <br />Note of 1997 (Centre pointe Project) of the City (the "Note"), <br />bearing no interest as hereinafter set forth, for which the <br />consideration shall be the Developerls paYment of Public <br />Redevelopment Costs as provided in the Development Agreement. <br /> <br />2. Title: Original Issue Date: Payments. The Note <br />shall be a fully registered negotiable obligation, shall be <br />titled "Taxable Tax Increment Revenue Note of 1997 (Centre Pointe <br />Project)", shall be dated as of the date of delivery and shall be <br />issued upon the purchase by the Developer of the Redevelopment <br />Property. The Note shall be in the principal amount of <br />$5,000,000, or so much thereof as (1) the Developer shall expend <br />for Public Redevelopment Costs (as defined in the Development <br />Agreement) and (2) the City shall recognize and accept in <br />accordance with Section 3.6 and Exhibit D of the Development <br />Agreement. The Note shall mature on February 1, 2008, to the <br />extent that it has not been paid before, and paYments of <br />principal shall be made on each February 1 and August 1, <br />commencing August 1, 1999. <br /> <br />The Note shall bear no interest. Principal is payable at <br />such address as shall be designated in writing by the Developer <br />or other registered holder of the Note, in any coin or currency <br />of the United States of America which at the time of paYment is <br />legal tender for public and private debts. <br /> <br />3. Termination: Reduction of Principal. The Note <br />shall terminate in full and be cancelled without paYment if the <br />Developer terminates the Development Agreement as provided in <br />Article X of the Development Agreement. The Note shall terminate <br />in part and its principal amount be reduced without paYment to <br />the extent and in the manner provided by Section 9.12 of the <br />Development Agreement. The Note shall terminate in full or in <br />part to the extent provided in Section 8.2(b) of the Development <br /> <br />343795.2 <br /> <br />2 <br />
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