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RESOLUTION NO. <br />RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS AND <br />APPROVING THE DECERTIFICATION OF <br />TAX INCREMENT FINANCING DISTRICT NO. 1 -2 <br />WHEREAS, the City Council (the "Council ") of the City of Little Canada, Minnesota (the <br />"City "), created its Tax Increment Financing District No. 1 -2 (the "District ") within its Development <br />District No. 1 (the "Project ") on August 24, 1988; and <br />WHEREAS, the City desires to use remaining monies within the District's account to fulfill the <br />development objectives of the Plan and Development District No. 1. Such use must occur within the <br />limitations of the Plan and State Law; and <br />WHEREAS, as of the date hereof no bonds or other obligations exist to which tax increment from <br />the District No. 1 -2 have been pledged; and <br />NOW THEREFORE, BE IT RESOLVED by the City Council for the City of Little Canada as <br />follows: <br />1. The City Administrator is authorized and directed to transfer $32,237 in non -tax increment <br />monies from the 111, 1 -2 Account to Fund #400 (General Capital Improvement) and to transfer $89,551 to <br />Fund #467 (TIE 3 -2). $89551 is then to be transferred from Fund #467 to Fund #440 (Rice Street/Little <br />Canada Road Development) to reimburse this fund for the acquisition of land in Tax Increment Financing <br />District No. 3 -2. <br />2. The City Administrator is authorized and directed to take such action as is necessary to cause <br />the County Auditor of Ramsey County to decertify the District and to return any excess tax increments <br />($5,678) as required by State Law. <br />DATED: November 21, 2000 <br />ATTEST: <br />Joel R. Hanson, City Administrator <br />N:\MinnsomU.ittle Canada \TIF Compliance 2000\Decertl 2.wpd <br />Page 51 <br />Michael I. Fahey, Mayor <br />Decert 1_2 <br />