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<br />Financing District No. 15 (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 Notei and <br /> <br />D. WHEREAS, the maximum principal amount of the Note <br />of $567,660 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 Rosevillel 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 />execution of the Development Agreement a $567,660 Taxable Tax <br />Increment Revenue Note of 1997 (Fairview B.A. Associates, L.L.C., <br />Project) of the City (the "Note"), bearing interest as <br />hereinafter set forth but subject to the limit hereinafter set <br />forth, for which the consideration shall be the Developer's <br />payment of public redevelopment costs for land and site <br />improvements 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 (Fairview H.A. <br />Associatesl L.L,C'I Project)", shall be dated as of the date of <br />delivery and shall be issued at the time set forth in Section <br />3.3(1) of the Development Agreement. The Note shall be in the <br />principal amount of $567,6601 or so much thereof as (1) the <br />Developer shall expend for public redevelopment costs consisting <br />of land acquisition and Site Improvements (as defined in the <br />Development Agreement) and (2) the City shall recognize and <br />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 />principal and interest shall be made on each February 1 <br />commencing February I, 1999. <br /> <br />Principal and interest are payable at such address as shall <br />be designated in writing by the Developer or other registered <br />holder of the Note, in any coin or currency of the United States <br />of America which at the time of payment is legal tender for <br />public and private debts. <br /> <br />3. Termination. The Note shall terminate as provided <br />in Section 4.2(b) of the Development Agreement for an Event of <br />Default as further set forth in paragraph 15 of this resolution. <br /> <br />357542.2 <br /> <br />2 <br />