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the City and that the Project has been undertaken and is being assisted in accordance with a <br />public purpose and the provisions of the applicable state and local laws and requirements. <br />ARTICLE II <br />DEFINITIONS <br />Section 2.1 Definitions. Capitalized word and phrases used in this Development <br />Agreement have the following meanings: <br />Act means collectively, Minnesota Statutes 469 and 462C; <br />Affiliate means a natural person, trust, trustee, corporation, limited liability company, <br />partnership or limited partnership that: controls Developer, is controlled by Developer or is <br />controlled by the same individuals and entities that control Developer. A person or entity <br />"controls" an entity if the person or entity, directly or indirectly or acting in or through one or <br />more subsidiaries, owns, controls or holds with power to vote, more than 50 percent of the voting <br />interest in the entity. An entity is "controlled by" a person or entity if that person or entity, <br />directly or indirectly or acting in or through one or more subsidiaries, owns, controls or holds <br />with power to vote, more than 50 percent of the voting interests in the entity. Control does not <br />exist if the powers described in this subsection are held solely as a security interest and have not <br />been exercised; <br />Agreement means this Development Agreement, as the same may be modified, amended <br />or supplemented from time to time; <br />Amended PUMA means the Amended and Restated Parking Improvement Use and <br />Maintenance Agreement for Parking District A that is attached to the Purchase Agreement as <br />Exhibit A and that the Purchase Agreement obligates the City and the HRA to execute and <br />record prior to or contemporaneously with the HRA's conveyance of the Development Property <br />to Developer; <br />Assessment Agreement means an Assessment Agreement pursuant to Minnesota Statues, <br />Section 469.177, Subd. 8 specifying minimum market values for the Development Property as of <br />January 2, 2013 and each January 2 thereafter through and including January 2, 2036 which <br />minimum market values will be used for the calculation of real property taxes due and payable <br />with respect to the Development Property. The form of Assessment Agreement is attached as <br />Exhibit F; <br />Business Day means any day other than a Saturday, Sunday or a state or federal holiday <br />that financial institutions or post offices in the state of Minnesota close to observe; <br />2695614v12 <br />Certificate of Completion means a certificate in the form attached as Exhibit A; <br />City means the City of Ramsey, Minnesota; <br />2 <br />