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<br />Councilmember Riley introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION #23-126 <br /> <br />RESOLUTION APPROVING A BUSINESS SUBSIDY AND AUTHORIZING <br />EXECUTION OF A TAX INCREMENT FINANCING (TIF) AGREEMENT AND <br />APPROVING TERMS OF AN INTERFUND LOAN <br /> <br />WHEREAS, Ramsey Properties, LLC (the "Developer") has requested the City of <br />Ramsey, Minnesota (the "City") to assist with the financing of certain costs incurred in connection <br />with the construction of an approximately 65,672 square foot 98-unit hotel and related facilities <br />to be located in the City (the "Project"). <br /> <br />WHEREAS, the Developer and the City have determined to enter into a Tax Increment <br />Financing (TIF) Agreement providing for the City's assistance for the Project (the "TIF <br />Agreement"). <br /> <br />WHEREAS, the proposed assistance by the City to the Developer and the sale of certain <br />real property by the City to the Developer at below market value as contemplated by the TIF <br />Agreement is considered a business subsidy (the "Business Subsidy") pursuant to Minnesota <br />Statutes, Sections 116J.993 to 116J.995 (the "Business Subsides Act"). <br /> <br /> WHEREAS, a public hearing, pursuant to the Business Subsidy Act, was held on the <br />date hereof. <br /> <br /> WHEREAS, the City heretofore established Tax Increment Financing <br />(Redevelopment) <br />District No. 14 (the "TIF District") and adopted a Tax Increment Financing Plan (the "TIF Plan") <br />therefor. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF RAMSEY, MINNESOTA, AS FOLLOWS: <br /> <br />1. TIF Agreement. The City Council hereby approves the TIF Agreement in <br />substantially the form submitted, and the Mayor and City Administrator are hereby authorized and <br />directed to execute the TIF Agreement on behalf of the City. The approval hereby given to the <br />TIF Agreement includes approval of such additional details therein as may be necessary and <br />appropriate and such modifications thereof, deletions therefrom and additions thereto as may be <br />necessary and appropriate and approved by the City officials authorized by this resolution to <br />execute the TIF Agreement. The execution of the TIF Agreement by the appropriate officer or <br />officers of the City shall be conclusive evidence of the approval of the TIF Agreement in <br />accordance with the terms hereof. <br /> <br />2. Business Subsidy. The City Council hereby approves the granting of the Business <br />Subsidy as described in the TIF Agreement. <br /> <br />3. Interfund Loan. The City has determined that it may pay for certain costs (the <br /> <br />