Agenda - Economic Development Authority - 09/09/2010

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Principal Amount $29,400.00 Interest Rate Zero ercent 0°!° Term Five (5) Years Annual Payments $5,880.00 due annually each October 15' commencing with October 1, 2010 and continuing each October 15' thereafter until October 1, 2014 when the principal shall be due fn full. PROVIDED, HOWEVER, that Maker will not be required to pay any annual payments in the event a Restaurant is NOT operated on the Site for a minimum of seven (7) months during the Fiscal Year. No payments will be required by Maker after October 1,1014. Balloon Pa ment None Project. The word "Project" means the renovationlbuilding improvements of 7293 square foot of 7900 Sunwood Drive NW, Suite 100-400, Ramsey, MN which property is located on the following legally described property: Lot 1, Block 1, Ramsey Town Center 3rd Addition,. Anoka County, Minnesota. Recipient. The word "Recipient" means Sophia-Ramsey, LLC, a Minnesota limited liability company which LLC is receiving the business subsidy granted herein. Related Documents. The words "Related Documents" mean all promissory notes, credit agreements, loan agreements, and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Loan. Restaurant. The word "Restaurant" means an eating facility, under the control of a single proprietor or manager, where meals are regularly prepared on the premises, where full waitress/waiter table service is provided, where a customer orders food from printed menus . and where the main food course is served and consumed while seated at a single tocatlon. To be a restaurant as defined by this term in this Agreement, an establishment shall have a license from the state as required by Minnesota Statutes §157.18, as it may be amended from time to time, and meet the definition of "large establishment" as defined in said Minnesota Statutes §157.16. An establishment which serves prepackaged food that receives heat treatment and is sewed in the package or frozen pizza that is heated and served, shall hot be considered to be a Restaurant for purposes of this Agreement unless it meets the definition of "large establishment". Minnesota Statutes §157.16 is attached hereto as Exhibit A and is incorporated herein as if fully set forth at this point. Sewer Access Charge. The words "Sewer Access Charge" ("SAC") mean the fee required. to be paid to the Metropolitan Waste Control Commissidn for properties to connect to the Metropolitan Waste Control Commission's public sanitary sewer system. The amount of the SAC for the Project is $58,800.00, 20 _ _ . -_. _ .._. __-- -- _ _ _ __ ~_ n~ ~--:~ _._