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EXTRACT OF MINUTES OF MEETING <br />OF THE CITY COUNCIL OF THE <br />CITY OF RAMSEY, MINNESOTA <br />HELD: October 13, 2015 <br />Pursuant to due call and notice thereof, a meeting of the City Council of the City of <br />Ramsey, Anoka County, Minnesota, was duly called and held at the City Hall in said City on <br />Tuesday, the 13th day of October, 2015, at o'clock p.m. <br />The following members were present: <br />and the following were absent: <br />Member <br />adoption: <br />introduced the following resolution and moved its <br />RESOLUTION #15-10-261 AUTHORIZING EXECUTION OF A <br />TAX INCREMENT FINANCING AGREEMENT <br />A. WHEREAS, ParkView East, LLC (the "Developer") has requested the City of <br />Ramsey, Minnesota (the "City") to assist with the financing of certain costs incurred in <br />connection with the construction of an approximately 121 units of market rate rental housing in <br />the City by the Developer (the "Project"). <br />B. WHEREAS, the Developer and the City have determined to enter into a Tax <br />Increment Financing (TIF) Agreement providing for the City's tax increment financing assistance <br />for the Project (the "Tax Increment Financing Agreement"). <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ramsey, <br />Minnesota, as follows: <br />1. The City Council hereby approves the Tax Increment Financing Agreement in <br />substantially the form submitted, and the Mayor and City Administrator are hereby authorized <br />and directed to execute the Tax Increment Financing Agreement on behalf of the City. <br />2. The approval hereby given to the Tax Increment Financing Agreement includes <br />approval of such additional details therein as may be necessary and appropriate and such <br />modifications thereof, deletions therefrom and additions thereto as may be necessary and <br />appropriate and approved by the City officials authorized by this resolution to execute the Tax <br />Increment Financing Agreement. The execution of the Tax Increment Financing Agreement by <br />the appropriate officer or officers of the City shall be conclusive evidence of the approval of the <br />Tax Increment Financing Agreement in accordance with the terms hereof. <br />7279109v1 <br />