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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: McGehee, Willmus, Laliberte, Etten, Roe <br /> and the following were absent: None. <br /> Council member Etten then introduced and read the following written resolution and <br /> moved its adoption: <br /> RESOLUTION NO. 11090 <br /> A 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 />