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EXTRACT OF MINUTES OF A MEETING OF THE <br />BOARD OF COMMISSIONERS OF THE <br />ECONOMIC DEVELOPMENT AUTHORITY <br />OF THE CITY OF <br />LITTLE CANADA, MINNESOTA <br />HELD: , 1995 <br />Pursuant to due call and notice thereof, a <br />meeting of the Board of Commissioners of the Economic Development <br />Authority of the City of Little Canada, Minnesota, was duly held <br />at the City Hall in said City on the day of <br />1995, at o'clock .M. <br />The following members were present: <br />and the following were absent: <br />Member introduced the <br />following resolution and moved its adoption: <br />RESOLUTION AUTHORIZING EXECUTION <br />OF A PLEDGE AGREEMENT AND A LOAN AGREEMENT <br />A. WHEREAS, the Economic Development Authority of the <br />City of Little Canada, Minnesota ( "Authority "), has undertaken a <br />redevelopment project in the City of Little Canada, Minnesota <br />(the "City "), known as Tax Increment Financing District No. 3 -2 <br />within Redevelopment Project Area No. 1 (herein called "Project ") <br />and in connection herewith has adopted a tax increment financing <br />plan; and <br />B. WHEREAS, the Authority has applied to the City <br />Council for approval of the Project (as herein defined) and the <br />tax increment financing plan pursuant to Minnesota Statutes, <br />Sections 469.090 through 469.108; and <br />C. WHEREAS, the City Council adopted a resolution on <br />November 8, 1995, approving the Project and tax increment <br />financing plan after duly conducting a public hearing thereon; <br />and <br />305806.1 <br />Page 3 <br />