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<br />Financing District No. 4 (the "Tax Increment District") created
<br />by the City within the Development District; and
<br />
<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 $550,672 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 Part I Redevelopment Property (as defined in the
<br />Development Agreement) a $550,672 Taxable Tax Increment Revenue
<br />Note of 1997 (I35/Highway 36 Gateway Project) of the City (the
<br />"Note"), bearing no interest as hereinafter set forth, for which
<br />the consideration shall be the Developer's 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 (I35/Highway
<br />36 Gateway Project)", shall be dated as of the date of delivery
<br />~Y'1"';¡ t"""In"::"l.ll h.o. .; CI~"Qr1 ,'nr'\n rho T"'\'1rl'""'h;::);C!o n'\T rhQ nQ~rc 1 f"'\T'\O,.... r'\r rno
<br />o.L~U O.L.Lc;¡,~..L ÃJ~ ...&..~..:;;J",",,~"-'A ~t'....,.I.'" '-.a...."'- .t"'~"''-'''''''''''~''-'''''J '-............ ~-..,'-.....-t""-.... -- -......'-
<br />Part I Redevelopment Property. The Note shall be in the
<br />principal amount of $550,672, or so much thereof as (1) the
<br />Developer shall expend for Public Redevelopment Costs (as defined
<br />.;.... t-n"" TÎ"",r""'r.,",m",,nt- firrY"""""m""nt-\ ::>n~ (')\ t-no. r;ru en;:,11 "-o.""l"'\rrn';~""
<br />..L..&..L I..........O¡¡;;; ...,Ç;;;;;;V'o;;;õ...&......,.t-'LLL~......'- .rJo.':j.&..,"-__L~"'-"'''''-1 .................. \-, """........... ---....1 -.....-........ ....-'-"""":::1...........-....
<br />..
<br />
<br />and accept in accordance with Section 3.3 of the Development
<br />Agreement. The Note shall mature on February 1, 2011, to the
<br />extent that it has not been paid before, and payments of
<br />_""";""'_;'r'\"""tl r""h""":lll ').oo...t"""'l TT't~~O "",..., o~,...,n 1i"'o1-.r"~,...." 1 r'Jr\mm.IC.n,-,';nrr ');'It=::t.h""-'I't~"Y'1'r 1
<br />J:JJ..J..1.L,\,.....L!-'c,.J.. ¡:JJ..Lo.,J....L. Jr...II:;;:; ULQU'fõ;;; VJ.J. !;';',"",,,-J.J. ...\.;,.o.&,.l.....u.\,..4....J ~ ...........nuu~'Io-...J.'-.....J.J.~ ...-ç......,...."""Y.....r
<br /> .....,
<br />1999.
<br />
<br />The Note shall bear no interest. Principal is payable at
<br />_,.._~ _"':¡";¡_""'I"""It"'t -.roI t""I'h"'!'l" 1-"\f""'t. ~ðð;""'''''-::t.''''Ö~ ;T1 tAr'Y"';t-;~r"'T n"tT +-h.ð T1.o."II'ro.l,.....T"'\.o..,...
<br />~UL..J.J. a.UUJ..t:::i:).;:J Q.¡;:) ¡;:).l..LQ..L..L. Jr.Jt;:; u.ç;; ;:J..L.':j"'J.~\...~""'" .J.,...&. nJ-..\""O......,¡,..':3 ~I t.,...J,.1",;,õ ,~..q;;;;v~.J..'-".t:'~.....
<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 />7\'Y"t-';ro1"" TV r.f' t-no. T'lcuc1r.T"'Imcnt- llrr,.-ccmcnt- 'T'nc Nn -"" en;:,'1
<br />~.... '-'4"-.....~ .."'~ .....,..... "-"."'- ...,..... v _....-l:"~...._...- ..--.::1.... -_...~_....._.. ......- ....--- -...---
<br />terminate as provided in Section 7.2(b) of the Development
<br />
<br />355863.2
<br />
<br />2
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