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71414918v1 <br /> <br /> <br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY <br />OF LITTLE CANADA, MINNESOTA <br />HELD: OCTOBER 27, 2021 <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council <br />of the City of Little Canada, Ramsey County, Minnesota, was duly called and held at the City <br />Hall, in said City on October 27, 2021, at 7:30 P.M. <br />The following members of the Council were present: <br />and the following were absent: <br />Member ___________________ introduced the following resolution and moved its <br />adoption: <br />RESOLUTION NO. _______________ <br />RESOLUTION ESTABLISHING TAX INCREMENT FINANCING <br />(ECONOMIC DEVELOPMENT) DISTRICT NO. 7-3 WITHIN <br />DEVELOPMENT DISTRICT NO. 1 AND APPROVING THE TAX <br />INCREMENT FINANCING PLAN THEREFOR; AUTHORIZING AN <br />INTERFUND LOAN AND AUTHORIZING EXECUTION OF A <br />DEVELOPMENT AGREEMENT <br />A. WHEREAS, it has been proposed that the City of Little Canada, Minnesota (the <br />"City") (1) establish Tax Increment Financing (Economic Development) District No. 7-3 (the <br />"TIF District") within Development District No. 1 (the "Development District"); (2) approve and <br />adopt the proposed Tax Increment Financing Plan therefor under the provisions of Minnesota <br />Statutes, Sections 469.174 to 469.1794, as amended (the "Act"); (3) authorize an Interfund Loan <br />(hereinafter defined); and (4) authorize the execution of a development agreement; and <br />B. WHEREAS, the City Council has investigated the facts and has caused to be <br />prepared a proposed tax increment financing plan for the TIF District therein (the "TIF Plan"); <br />and <br />C. WHEREAS, the City has performed all actions required by law to be performed <br />prior to the approval of the establishment of the TIF District and the adoption of the TIF Plan, <br />including, but not limited to, notification of Ramsey County and Independent School District No. <br />623 having taxing jurisdiction over the property to be included in the TIF District and the <br />holding of a public hearing upon published and mailed notice as required by law. <br />WHEREAS, Atlas Real Estate Management Co., a Minnesota corporation, (the <br />"Developer") has requested the City to assist with the financing of certain costs incurred in <br />connection with the construction of a 74,500 square foot warehouse, storage and distribution <br />facility in the City by the Developer (the "Project"); and