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1.08_ The City established Tax Increment Finance District No.4(Redevelopment District) <br /> ("TIF District No. 4") on April 28, 1997 in connection with the Bel Rae Project. <br /> 1.09. The City and the Authority have entered into an Exclusive Negotiations Agreement <br /> with V.B. Digs in which tax increment finance assistance would be provided to be V.B. Digs for <br /> certain qualified reimbursable costs relating to land acquisition and public improvements for the <br /> Bel Rae Project, including parking. <br /> 1.10_ The Council previously authorized the City to enter into a contract with WAI <br /> Continuum ("WAI") for architectural and design services related to the Bel Rae Project and the • <br /> architect has commenced work on the architectural design for the Bel Rae Project pursuant to the <br /> contract. <br /> 1.11. The Council has authorized the City to enter into a construction manager agreement <br /> with Flannery Construction, Inc. to serve as construction manager for the Bel Rae Project_ <br /> 1.12. The City has requested the Authority to provide the City with tax increment funds <br /> in an amount not to exceed 4.5 million dollars in the form of a loan to finance the City's costs <br /> in connection with the Bel Rae Project. <br /> 1.13. The City is currently in the process of negotiating leases with the Childrens Home <br /> Society of Minnesota and Independent School District No. 621 as tenants of certain leased <br /> • premises of the City's owned portion of the Bel Rae Project_ <br /> Section 2. Resolved. <br /> 2.01. That the Board of the Authority authorizes the President and Executive Director to <br /> enter into a loan agreement between the Authority and the City for a loan to the City of up to <br /> 4.5 million in tax increment funds to finance the City's costs in connection with the Bel Rae <br /> Project. <br /> 2.02. That the Board of the Authority hereby grants final approval for the expenditure <br /> of up to 4.5 million in tax increment funds loaned to the City by the Authority to finance the <br /> City's costs in connection with the Bel Rae Project. <br /> Adopted by the Board of Commissioners of the Mounds View Economic Development <br /> Authority this 12th day of May, 1997. <br /> Duane McCarty, President <br /> ATTEST: <br /> • Cathy Bennet, Executive Director <br /> RCL122616 <br /> MU205-4 2 <br />