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g~ i d! 1 CITY OF NEW BRIGHTON, MINNESOTA RESOLUTION NO.07-049 DECLARING THE OFFICIAL INTENT OF THE CITY OF NEW BRIGHTON TO"REIMBURSE CERTAIN EXPENDITURES FROM LAND SALE PROCEEDS REAS, the City has duly established Development District No. 1 (the "Devel rtaLaws nt District") pursuant to Minnesota Statutes, Sections 469.124 through 469.134 (the "Devel nt District Act"); and REAS, the City has duly established Tax Increment Financing District Nos. 31 and 32 (the Districts") within the Development District and within the area known as the "NW Quad", ursuant to Minnesota Statutes, Section 469.174 to 469.179 (the "TIF Act") and Minne 1998, Ch. 389, Article 11, Section 24 (the "Special Law"); and ~HEREAS, the City has acquired certain property within the NW Quad, and expects to acquir additional property in the future; and rDistricts; REAS, the City further expects to convey portions of the property so acquired to privat es for development of housing and commercial uses in accordance with the Devel Program for the Development District and the tax increment financing plans for the TI and WHEREAS, the City expects to incur certain expenditures in connection with redev lopment of the NW Quad that may be financed temporarily from various sources of funds, with e expectation that those expenditures will be reimbursed from the proceeds of the sale of grope y acquired by the City; and F ` WHEREAS, the City has financed various costs of redevelopment of the NW Quad from proc ds of general obligation tax increment bonds ("TIF Bonds"), and may issue additional TIF Bon for such purposes in the future; and WHEREAS, a portion of the TIF Bonds have been or will be issued on a tax-exempt basis ~ der Section 103 of the Internal Revenue Code of 1986, as amended (the "Code") and Trea ~ry Regulations related thereto (the "Regulations"); and ! WHEREAS, the Internal Revenue Service has issued Section 1.141-4(c)(3)(v) of the Reg 3 ations (the "Equity Allocation Regulation"), under which an issuer of tax-exempt bonds mayPlocate private payments for the use of property to equity before such payments are alloy ted to a bond issue if, not later than 60 days after the date of the expenditure of those amo( ts, the issuer adopts an official intent (in the manner comparable to Section 1.150-2(e) of the regulations regarding reimbursement of expenditures from bond proceeds), indicating that the 14suer reasonably expects to be repaid for the expenditure from a specific arrangement; and 1? i; 3097t$vl SJB NE136-214 1