Agenda - Council - 12/12/2000 - Laserfiche WebLink

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Prime Rate means the rate of interest from time to time publicly announced by U.S. Bank National Association in Minneapolis, Minnesota, as its "reference rate" or any successor rate, which rate shall change as and when that prime rate or successor rate changes; Proiect means the 31 unit townhome project located in the City; Site Improvements means the site improvements described in the Tax Increment Financing Plan; State means the State of Minnesota;' Tax Increments means the tax increments derived semiannually from the Tax Increment District which have been received and retained by the City in accordance with the provisions of Minnesota Statutes, Section 469.177; Tax Increment Act means Minnesota Statutes, Sections 469.174 tl~rough 469.179, as amended; Tax Increment District means Tax Increment Financing District No. 9 located within the Development District, the legal description of which is set forth on Exhibit A attached hereto~. which was qualified as a housing district under the Tax Increment Act; Tax Increment Financin~ Plan means the tax increment financing plan approved for the Tax Increment District by the City Council on Tax Increment Note means the Tax Increment Revenue Note (ACCAP - RamseY Townhomes L.P. Project) to be executed by the City and delivered to the Developer pursuant to Article III hereof, a copy of which is attached hereto as Exhibit C. Unavoidable Delays means delays, outside the control of the party claiming its occurrence, which are the direct result of strikes, .other labor troubles, unusually severe or prolonged bad weather, acts of God, fire or other casualty to the Project, litigation commenced by third parties which, by injunction or other similar judicia!~ action or by the exercise of reasonable discretion, directly results in delays, or acts of any federal, state or local governmental unit (other than the City) which directly result in delays. I I I I I I I ! I I I I -178- ~