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EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE <br />CITY OF RAMSEY, MINNESOTA <br />HELD: April 24, 2012 <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council <br />of the City of Ramsey, Anoka County, Minnesota, was duly called and held at the City Hall on <br />April 24, 2012, at 5:30 p.m., for the purpose, in part, of authorizing the issuance and awarding <br />the sale of $7,420,000 Taxable General Obligation Tax Increment Bonds, Series 2012B. <br />The following members were present: <br />and the following were absent: <br />Member introduced the following resolution and moved its adoption: <br />RESOLUTION #12-04-XXX <br />ACCEPTING PROPOSAL ON SALE OF <br />$7,420,000 TAXABLE GENERAL OBLIGATION <br />TAX INCREMENT BONDS, SERIES 2012B, PROVIDING FOR THEIR ISSUANCE, <br />PLEDGING TAX INCREMENTS FOR THE SECURITY THEREOF AND AUTHORING <br />EXECUTION OF A PLEDGE AGREEMENT <br />A. WHEREAS, the City Council of the City of Ramsey, Minnesota (the "City"), has <br />heretofore created Development District No. 1 (the "Development District") pursuant to the <br />provisions of Minnesota Statutes, Sections 469.124 through 469.134, and has approved a <br />development program (the "Program"), as amended from time to time, with respect to the <br />Development District; and <br />B. WHEREAS, the Council also heretofore established Tax Increment District No. <br />14 as a redevelopment district within the Development District (the "Tax Increment District") <br />under the provisions of Minnesota Statutes, Sections 469.174 through 469.1799, as amended (the <br />"Act") and has approved a Tax Increment Financing Plan (the "TIF Plan") with respect to the <br />Tax Increment District; and <br />C. WHEREAS, the City has heretofore determined and declared that it is necessary <br />and expedient to provide money to finance the eligible costs associated with the construction of a <br />230-unit, four story, market rate, rental apartment project, known as COR Apartments, within the <br />Tax Increment District as set forth in the TIF Plan (the "Project") and has and has entered into a <br />Development Agreement, dated as of March 9, 2012, with F & C Ramsey Member, LLC, an <br />Indiana limited liability company and The Housing and Redevelopment Authority in and for the <br />City of Ramsey, Minnesota (the "Authority") and F & C Ramsey, LLC (the "Borrower"), as to <br />the development of the Project (the "Development Agreement"); and <br />1 <br />4590579v1 <br />