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<br />CITY OF ROSEVILLE
<br />
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<br />
<br />STATE OF MINNESOTA
<br />
<br />RESOLUTION NO. 9261
<br />
<br />RESOLL7ION PLEDGING A COlrrRIBL7ION OF
<br />UNRESTRICTED FUNDS IN SUPPORT OF A
<br />TAX INCREMENT FINANCING PROJECT
<br />
<br />WHEREAS, in 1995 the Minnesota Legislature passed, and on
<br />June 1, 1995, the Governor signed into law, Laws of Minnesota for
<br />1001: ("1'\-,"',...,.+-0..... 'JC.A ("("1'\-,,,,,...,.+-0'1" 'JC.A"\. ",,,,r1
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<br />
<br />WHEREAS, Article 5, Section 6, of Chapter 264 provided that
<br />certain tax increment financing districts would be exempt from
<br />the LGA/HACA reductions otherwise applicable provided that a
<br />certain "qualifying local contribution" were to be made; and
<br />
<br />WHEREAS, pursuance to Article 5, Section 49, of Chapter 264
<br />providing for effective dates of said Article 5, the provisions
<br />of the aforesaid Section 6 were specified to "apply to tax
<br />increment financing districts for which the request for
<br />certification was made after June 30, 1994, and to all hazardous
<br />substance subdistricts, regardless of when the request for
<br />certification was made. For districts for which the tax
<br />increment financing plan was approved before July I, 1995, the
<br />governing body of the municipality must elect, by resolution, to
<br />be covered by the section by no later than December 31, 1995";
<br />and
<br />
<br />WHEREAS, the City Council (the "Council") of the City of
<br />Roseville, Minnesota (the "City") on June 12, 1995 has previously
<br />established Tax Increment Financing District No. 16 (the "Tax
<br />Increment Financing District") as a soils condition district; and
<br />
<br />WHEREAS, pursuant to the 1995 Omnibus Tax Bill, Article 5,
<br />Section 6, the Tax Increment Financing District is exempt from an
<br />LGA/HACA penalty if a contribution of unrestricted funds of the
<br />City equal to 7.5% of the tax increment revenues is pledged to a
<br />redeveloDment district. a mined underqround space district, a
<br />hazardous substance subdistrict, or a-soils cõndition district
<br />and 10% of the tax increment revenues is pledged to an economic
<br />development district, a housing district, or a renewal and
<br />renovation district.
<br />
<br />NOW THEREFORE, BE IT RESOLVED that the Council hereby
<br />pledges to make a contribution of unrestricted funds to pay
<br />project costs equal to or in excess of 7.5% of the tax increment
<br />
<br />307670.1
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