Agenda - Council - 09/27/2011 - Special

Home

Property to an entity other than an Affiliate; a lease of all or any material portion of the Development Property to an entity other than an Affiliate for a term (including any rights to renew or extend) that exceeds twenty (20) years; or a voluntary or involuntary transfer of any membership interests in Developer to an entity other than an Affiliate; State means the State of Minnesota; Tax Increments means 85% of the tax increments derived from the Development Property as determined by the City in its sole discretion, which have been paid to the City between January 1, 2015 and February 1, 2038 and which the City is entitled to retain pursuant to the provisions of the Tax Increment Act; Tax Increment Act means the Tax Increment Financing Act, Minnesota Statutes, Sections 469.174 through 469.1799, as amended; Tax Increment District means the City's Tax Increment District No. 14; Tax Increment Financing Plan means the plan for the Tax Increment District that the City adopted, by resolution, on December 14, 2010; Temporary Tax Increment Bonds means the Temporary Tax Increment Bonds the City issues pursuant to the Tax Increment Act, the proceeds of which the City will make available to the HRA and a portion of which proceeds the HRA will use to fund Loan No. 2; Termination Date means the earlier of (i) the date Developer has completed construction of the Minimum Improvements; Developer has repaid the Loan No. 1 in full; Developer has repaid the Loan No. 2 in full; and the City has paid the TIF Note in full; or (ii) the last TIF Note Payment Date; TIF Note means a Tax Increment Revenue Note, in the form attached as Exhibit B; TIF Note Payment Date means October 1, 2015 and each February 1 and August 1 thereafter through and including February 1, 2038; provided, that if any such TIF Note Payment Date is not a Business Day, the TIF Note Payment Date is the next succeeding Business Day; and Unavoidable Delay means a delay in Developer's commencement or completion of the Minimum Improvements that is the direct result of an act of God, other than weather related conditions or events that are reasonably foreseeable both in terms of the likelihood of their occurrence and their severity; war, riots, or civil disorder; labor strikes or labor shortages; shortages of necessary materials; or litigation commenced by third parties that, either by injunction or other similar judicial action or by the exercise of reasonable discretion, directly results in delays. 2695614v12 6