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135451999v1 <br /> <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 23, 2024 <br />Pursuant to due call and notice thereof, a regular or special meeting of the City Council of <br />the City of Little Canada, Ramsey County, Minnesota, was duly called and held at the City Hall, <br />in said City on October 23, 2024, 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. 2024-10-122 <br />RESOLUTION ESTABLISHING TAX INCREMENT FINANCING <br />(HOUSING) DISTRICT NO. 7-4 WITHIN DEVELOPMENT DISTRICT NO. 7 <br />AND APPROVING THE TAX INCREMENT FINANCING PLAN <br />THEREFOR; AUTHORIZING AN INTERFUND LOAN AND AUTHORIZING <br />EXECUTION OF A DEVELOPMENT AGREEMENT <br />A. WHEREAS, it has been proposed that the City of Little Canada, Minnesota (the <br />"City") (1) establish Tax Increment Financing (Housing) District No. 7-4 (the "TIF District") <br />within Development District No. 7 (the "Development District"); (2) approve and adopt the <br />proposed Tax Increment Financing Plan therefor under the provisions of Minnesota Statutes, <br />Sections 469.174 to 469.1794, as amended (the "Act"); (3) authorize an Interfund Loan (hereinafter <br />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"); 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 holding <br />of a public hearing upon published and mailed notice as required by law. <br />D. WHEREAS, Ride Limited Partnership, a Minnesota limited partnership (the <br />"Developer") has requested the City to assist with the financing of certain costs incurred in <br />connection with the construction and equipping of a multifamily rental housing facility containing <br />a total of 160-units, including approximately 17 1-bedroom, 98 2-bedroom and 45 3-bedroom units <br />and underground and surface parking and supporting amenities in the City by the Developer (the <br />"Project"); and