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

Home

EXHIBIT C FORM OF TAX INCREMENT NOTE No. R-1 $I66,432.00' UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA FOR THE CITY OF RAMSEY TAX INCREMENT REVENUE NOTE OF 2000 (ACCAP - Ramsey Townhomes L.P. PROJECT) The City of Ramsey, Minnesota (ihe "City"), hereby acknowledges itself to be indebted and, for value received, hereby promises to pay the amounts hereinafter described (the "Payment Amounts") to ACCAP - Ramsey Townhomes L.P., or its registered assigns (the "Registered Owner"), but only in the manner, at the times, from the sources of revenue, and to the extent hereinafter provided. The principal amount of this Note shall equal from time to time the principal amount stated above, as reduced to the extent that such principal installments shall have been paid in whole or in part pursuant to the terms hereof; provided that the sum of the principal amount listed above together with accrued interest shall in no event exceed $310,884 as provided in that certain Development Ageement, dated as of ,2000, as the same may be amended from time to time (the "Development A~eement"), by and between the City of Ramsey, Minnesota (the "City"), and ACCAP - Ramsey Townhomes L.P. (the "Company"). The unpaid principal amount hereof shall bear interest at the rate of six (6) percent per annum. Interest shall be Computed on the basis ora 360 day year consisting of twelve (12) 30-day months. The amounts due under this Note shall be payable on August 1, 2003, and on'~each February 1 and August 1 thereafter to and including February 1, '2020, or, if the first should not be a Business Day (as defined in the Development Agreement) the next succeeding Business Day (the "Note Payment Dates"). On each Note Payment Date thereafter the City shall pay by check or draft mailed to the person that was the Registered Owner of this Note at the close of the last business day of the City preceding such Payment Date an amount equal to the amount of Tax Increments (hereinafter defined) listed on Exhibit F for the applicable Note Payment Date under the heading "Increment for Housing Improvements," In the event that the semiannual Tax Increments received are less than the amount listed under the heading "Semiannual Gross Tax Increment" such difference shall be deducted from the amounts to be paid to the Developer as "Increment for Housing Improvements" set forth in Exhibit F. All payments made by the City under this Note shall first be applied to accrued interest and then to principal. If, on any Note -194- C-1 I '1 I I I I ! I I I I I I I I I I I