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EXTRACT OF MINUTES OF MEETING OF THE <br /> CITY COUNCIL OF THE CITY OF ROSEVILLE <br /> * * * * * * * * * * * * * * <br /> Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Roseville, <br /> County of Ramsey, Minnesota was duly held on the 11th day of February, 2019 at 6:00 p.m. <br /> The following members were present: Laliberte, Etten, Willmus, Groff and Roe <br /> and the following were absent: none. <br /> Member Etten introduced the following resolution and moved its adoption: <br /> RESOLUTION No. 11579 <br /> RESOLUTION APPROVING A 2018 CASH TRANSFER AND INTERNAL LOAN TO <br /> FINANCE THE ACQUISITION OF THE 2719 LEXINGTON AVENUE PROPERTY <br /> WHEREAS, the City has acquired the property located at 2719 Lexington Avenue and incurred related <br /> costs in the amount of $2,271,000 and intends to utilize excess cash reserves and an internal loan to <br /> finance the acquisition; and <br /> WHEREAS, the City Council has evaluated its cash reserves and has determined that the License Center <br /> and Risk Management Funds have $250,000 and $521,000 respectively in available unrestricted cash <br /> reserves and those reserves are hereby transferred to finance the acquisition; and <br /> WHEREAS, the City Council has further evaluated its cash reserves and has determined that the Street <br /> Replacement Fund shall provide an internal loan in the amount of $1,500,000 to complete the initial <br /> financing package; and <br /> WHEREAS, the City Council hereby pledges the proceeds from the future sale of the Fairview Fire <br /> Station property and future surplus monies from the License Center to repay the internal loan as funds <br /> become available. <br /> NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Roseville, Minnesota that <br /> these transactions are to be carried out and recorded in the 2018 fiscal year. <br /> The motion for the adoption of the foregoing resolution was duly seconded by member Willmus <br /> and upon a vote being taken thereon, the following voted in favor thereof: Laliberte, Etten, Willmus, <br /> Groff and Roe and the following voted against the same: none. <br /> WHEREUPON, said resolution was declared duly passed and adopted. <br /> Page I of 2 <br />