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WHEREAS, the City has heretofore approved the establishment of the Downtown-Brockway Tax Increment Financing District (the "TIF District ") within the Rosemount Redevelopment Project (the "Project "), and has adopted a Tax Increment Financing Plan (the "TIF Plan ") for the purpose of financing certain improvements within the Project; and WHEREAS, the City has determined to pay for certain costs identified in the TIF Plan consisting of land/building acquisition, site improvements /preparation, environmental remediation, public utilities, parking facilities, streets and sidewalks, interest, administrative costs (collectively, the "Qualified Costs "), which costs will be financed on a temporary basis from City funds available for such purposes; and WHEREAS, under Minnesota Statutes, Section 469.178, Subd. 7, the City is authorized to advance or loan money from the City's general fund or any other fund from which such advances may be legally made, in order to finance the Qualified Costs; and WHEREAS, the City intends to reimburse itself for the Qualified Costs from tax increments derived from the TIF District in accordance with the terms of this resolution (which terms are referred to collectively as the "TIF Loan "); and WHEREAS, the City intends to reimburse itself for the Qualified Costs from tax increments derived from the TIF District in accordance with the terms of this resolution (which terms are referred to collectively as the "TIF Loan "); and NOW, THEREFORE, BE IT RESOLVED, the Council of the City of Rosemount hereby approves the TIF Loan with the following terms. The City shall repay to the City fund from which the Qualified Costs are initially paid, the principal amount of $100,000 together with interest on the principal amount expended accruing from the date of each initial expenditure, at the greatest of (a) the rate specified under Minnesota Statutes, Section 270.75, or (c) the rate specified under Minnesota Statutes, Section 549.09. The interest rate for each calendar year during the term of the TIF Loan will be determined as of each January 1, using the maximum rate under clauses (a) or (b) in effect as of that date; and BE IT FURTHER RESOLVED, that the term of the loan shall be two years and interest shall accrue to principal on a semi. - annual basis on each June I' and December 0; and BE IT FURTHER RESOLVED, that the payments on this TIF Loan are payable solely from "Available Tax Increment," which shall mean, on each Payment Date, all of the tax increment generated in the preceding RESOLUTION 2004 - six (6) months with respect to the property within the TIF District [or name other districts] and remitted to the City by Dakota County, all in accordance with Minnesota Statutes, Sections 469.174 to 469.1799; all inclusive, as amended. Payments on this TIF Loan are subordinate to any outstanding or future bonds, notes or contracts secured in whole or in part with Available Tax Increment, and are on parity with any other outstanding or future interfund loans secured in whole or in part with Available Tax Increment; and BE IT FURTHER RESOLVED, that the principal sum and all accrued interest payable under this TIF Loan are pre - payable in whole or in part at any time by the City without premium or penalty. No partial prepayment shall affect the amount or timing of any other regular payment otherwise required to be made under this TIF Loan; and BE IT FURTHER RESOLVED, that this TIF Loan is evidence of an internal borrowing by the City, in accordance with Minnesota Statutes, Section 469.178, Subd. 7, and is alimited obligation payable solely from Available Tax Increment pledged to the payment hereof under this resolution. _ This TW Loan and the interest hereon shall not be deemed to constitute a general obligation of the State of Minnesota or any political subdivision thereof, including, without limitation, the City. Neither the State of Minnesota, nor any political subdivision thereof shall be obligated to pay the principal of or interest on this TIF Loan or other costs incident hereto except out of Available Tax Increment, and neither the full faith and credit nor the taxing power of the State of Minnesota or any political subdivision thereof is pledged to the payment of the principal of or interest on this TIF Loan or other costs incident hereto. The City shall have no obligation to pay any principal amount of the TIF Loan or accrued interest thereon, which may remain unpaid after the final Payment Date; and BE IT FURTHER RESOLVED, that the City may amend the terms of this TIF Loan at any time by resolution of the City Council, including a determination to forgive the outstanding principal amount and accrued interest to the extent permissible under law. ADOPTED this 17' day of August, 2004 by the City Council of the City of Rosemount. William H. Droste, Mayor ATTEST: Linda Jentink, City Clerk 2