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'< .. ."1 " Council Member S~l&OR introduced the following resolution, the rea lng of which was dispensed with by unanimous consent, and moved its adoption: CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 95-109 A RESOLUTION ELECTING A QUALIFYING CONTRIBUTION FOR TAX INCREMENT FINANCING DISTRICT NO. 24 BE IT RESOLVED by the City Council (the "Council") of the City of New Brighton, Minnesota (the "City"), as follows: Section 1. Recitals. 1.01. The Council has created Tax Increment Financing District No. 24 (the "TIF District") on July 12, 1994, pursuant to Minnesota Statutes, Section 469.174 through 469.179, inclusive, as amended and supplemented from time to time. 1.02. The Council has investigated the application of the provisions of 1995 Laws of Minnesota, Chapter 264, Article 5 which provides for a local contribution to a TIF District in lieu of a reduction in its Local Government Aid ("LGA") and Homestead and Agriculture Credit Aid ("HACA"). 1.03. The Council hereby determines that it is necessary and in the best interests of the City, at this time, to elect the payment of a qualifying local contribution to the TIF District in lieu of a reduction in its LGA/HACA payments, pursuant to 1995 Laws of Minnesota, Chapter 264, Article 5, Section 6. Section 2. Findinqs. 2.01. The Council hereby finds, determines and declares that TIF District No. 24 is qualified as a Redevelopment TIF District. 2.02. The Council hereby finds, determines and declares that the qualifying local contribution for TIF District No. 24 is equal to 7.5 percent of the tax increment generated from the TIF District. 2.03. The Council hereby finds, determines and declares that the City elects to make a qualifying local contribution to the TIF District in lieu of a reduction in its LGA/HACA payments.