Agenda - Council - 06/27/2000 - Laserfiche WebLink

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ARTICLE t Definitions Section 1.I. Definitions. In this Agreement, unless a different meaning clearly appears from the context: "Bank" means the Minnesota Agricultural and Economic Development Board. "City" means the City of Ramsey. "Developer" means Mateski Properties, LLC/Systematic Refrigeration, Inc., a Minnesota Limited Liability Company, "Development Property" means the real property described at Exhibit D hereto. "Equipment" means the machinery and equipment purchased by the Developer with the Loan and described as Exhibit A hereto. "Grant Agreement" means Minnesota Department of Trade and Economic Development Grant Agreement # CDAP-99-0224-H-FYOO. "Grantor Agency" means the Minnesota Department of Trade and Economic Development. "Initial Disbursement Date" means be date of the first disbursement of any Loan Proceeds by the City to the Developer. "Leveraged Funds" means the funds described in Section 2.2. of th_is Agreement. "Loan" means the funds loaned by the City to the Developer pursuant to this Agreement. "Loan Proceeds" means the funds disbursed to the Developer pursuant to this Agreement and any proceeds thereof. "MIF" means the lvlinnesota Investment Fund. "MIF Grant" means the grant of funds by the Grantor Agency to the City pursuant to the Grant Agreement. "Project" means the Developer's purchase of the Equipment with the assistance of the Loan. "State" means the state of Minnesota. "Termination Date" means the Date the Developer has repaid the Loan in full. "Benefit Date" means the date the recipient receives the business subsidy. In the case of physical equipment, the benefit date begins when the recipient puts the equipment into service. 2 I I I I ! I I I I I I I I I I I I I I