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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF ROSEVILLE, MINNESOTA HELD: July 14 , 1997 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Roseville, Ramsey County, Minnesota, was duly called and held at the City Hall in said City Of Rosevi1le ,the.l.itb day of July , 1997, at 6:10 o'clock g.M., for the purpose in part of authorizing a $550,672 Taxable Tax Increment Revenue Note of 1997 (I35/Highway 36 Gateway Project) of the City. The following members were present: Mastel, Maschka, Wiski, Goedeke, and Wall, and the following were absent: None. Member Gøedeke introduced the following resolution and moved its adoption: RESOLUTION NO. 9424 RESOLUTION AUTHORIZING A $550,672 TAXABLE TAX INCREMENT REVENUE NOTE OF 1997 (I3S/HIGHWAY 36 GATEWAY PROJECT), AND PROVIDING FOR ITS ISSUANCE A. WHEREAS, Opus Northwest, L.L.C. (the "Developer"), and the City of Roseville, Minnesota (the "City"), will enter into a Development Agreement (the "Development Agreement") relating to the I3S/Highway 36 Gateway Project (the "Project") i and B. WHEREAS, it is necessary and expedient to issue the City's $550,672 Taxable Tax Increment Revenue Note of 1997 (I35/Highway 36 Gateway Proj ect) (the "Note") pursuant to Minnesota Statutes, Chapters 469 and 475, to evidence the indebtedness of the 'Development Agreement in order to finance certain public redevelopment costs within the City's Municipal Development District No. I, Industrial Development District NO.1 and Redevelopment Project Area (collectively, the "Development District"), consisting generally of improvements in the City's Tax Increment Financing District No.4, as set forth in the tax increment financing plan adopted and amended for Tax Increment 355863.2 1