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Resolution 2006 —13 <br />Page 2 <br />3. The Developer intends to demolish the Buildings and the City intends to <br />subsequently include the Parcels in a redevelopment tax increment district established pursuant <br />to Minnesota Statutes, Section 469.174, subdivision 10, which TIF District, if established, shall <br />be established within three years of the date hereof. <br />4. The Mayor and City Administrator are hereby authorized and directed to execute <br />a Development Agreement with the Developer in substantially the form submitted to the City <br />Council to provide for the demolition of the Buildings. <br />5. Upon filing the request for certification of the tax capacity of the Parcels as part <br />of the TIF District, the City will notify the county auditor that the original tax capacity of the <br />Parcel must be adjusted as provided in Minnesota Statutes, Section 469.177, subdivision 1, <br />paragraph (f)• <br />Passed and adopted by the City Council of the City of Hugo, Minnesota, this 20th day of <br />March, 2006. <br />M <br />Attest: <br />Mary Creager, City Clef! <br />issasstvi 2 <br />