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2013_0909_packet
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AttachmentA <br />Extract of Minutes of Meeting of the <br />City Council of the City of Roseville, Minnesota <br />Pursuant to due call and notice thereof, a regular meeting of the City Council of the City <br />of Roseville, Minnesota was duly held at City Hall on September 9, 2013, at 6:00 o'clock P.M. <br />The following Council members were present: <br />and the following were absent: <br />Council member ___________________ then introduced and read the following written <br />resolution and moved its adoption: <br />RESOLUTION PROVIDING FOR TRANSFER OF TAX INCREMENT <br />FINANCING FUNDS RELATING TO TAX INCREMENT <br />FINANCING DISTRICT NO. 11 AND TAX INCREMENT <br />FINANCING DISTRICT NO. 17 <br />WHEREAS, the City has heretofore approved the establishment of Tax Increment <br />Financing District No. 11 ("TIF District No. 11") within Municipal Development District No. 1, <br />and has adopted a tax increment financing plan therefor; and <br />WHEREAS, the City has heretofore approved the establishment of Tax Increment <br />Financing District No. 17 (the "TIF District No. 17"), within Municipal Development District <br />No. 1, and has adopted a tax increment financing plan therefor (the "TIF Plan"); and <br />WHEREAS, the City, on August 8, 2011, adopted Resolution No. 10918 approving the <br />terms of an interfund loan up to $6,000,000 (the "Interfund Loan") in connection with TIF <br />District No. 17, which provided that tax increments from tax increment financing districts could <br />be used on a temporary basis to pay for certain expenses identified in the TIF Plan; and <br />WHEREAS, the City has used tax increments derived from TIF District No. 11 to fund <br />the Interfund Fund; <br />WHEREAS, the City has determined not to repay the Interfund Loan but to provide for <br />the permanent transfer of tax increments derived from TIF District No. 11 to TIF District No. 17 <br />to pay for $6,000,000 of costs identified in the TIF Plan. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Roseville, <br />Minnesota (the "City"), as follows: <br />The City hereby authorizes the permanent transfer of tax increments derived from TIF <br />District No. 11 to TIF District No. 17 to pay for $6,000,000 of costs identified in the TIF Plan. <br />5662225v1 <br /> <br />
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