Agenda - Council - 03/24/1998 - Laserfiche WebLink

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DRAFT 3/18/98 ARTICLE I DEFINITIONS. EXHIBITS. RULES OF INTERPRETATION Section 1.1 Definitions. In this Agreement, the following terms have the following respective meanings unless the context hereof clearly requires otherwise: (a) Certificate of Completion. A certificate in the form of Exhibit D to this agreement to be issued by the City to the Developer upon substantial completion of the minimum improvements. (b) Ci .ty. The City ofRamsey, Anoka County, Minnesota. (c) Clmiag. I/~. ,1998, or such earlier date on which the parties may agree. (d) Construction Plans. Collectively, the plans, drawings, and related documents described in Exhibit B to this agreement. (e) ~. Peck Construction, Inc., a Minnesota Corporation. (f) Development Property_. The property legally described in Extfibit A hereto. (g) Development District ("District")2 Development District No. 1, created by the City pursuant to M.S. {}469.124 through {}469.134 and described in the Program adopted therefore. (h) Development District Program ("Program"). The plan for development of the District adopted by the City pursuant to M.S. {}469.124 through {}469.134. (i) Holder. The owner of a Mortgage. (j) Market Value. The market value of the Development Property as determined by the County Assessor in accordance with M.S. {}273.11 (or as finally adjusted by an assessor, board of equalization, commissioner of revenue, or any court). (k) Maturi _ty Date. The date that the TIF Bonds have been fully paid or defeased. (1) Minimum Improvements. The office and warehouse/manufacturing building to be constructed by Developer in accordance with the Construction Plans. (m) Minimum Market Value. The minimum market-value for the development property as set forth in Section 6.1 hereof. (n) Mortgage. The mortgage references in Article VII of this Agreement and any deed of trust or other instrument creating an encumbrance or lien upon the Development Property or any part thereof, as security for a loan. (o) Net Tax Increment. The remaining increment after the subtraction of County and reasonable City Administrative Charges, Fiscal Disparities Contributions, Original Tax Capacity and all other charges required by the Acts. (p) Site Improvements. Collectively, the site preparation and other improvements to be constructed by the City on, or adjacent to, the Development Property, pursuant to the Site Improvement Plans. (q) Site Improvement Plans. Collectively, the plans, drawings and related documents described in Exhibit C of this agreement. Page 3