Agenda - Council - 09/12/1994 - Laserfiche WebLink

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Draft 9/8/94 ARTICLE I DEFINITIONS. EXHIBITS, RULES OF INTERPRETATION Section!l.1 Definitions. In this Agreement, the following terms have the following respective meariings unless the context hereof clearly requires otherwise: (a) ~. The City of Ramsey, Anoka County, Minnesota. (b) (~onstruction Plans. Collectively, the plans, drawings, and related documents referred to in E:{hibit B. (c) D~ eveloper. Bison Properties, LLC, a Minnesota general partnership whose general partners are Richard A. Nelson and Gary L. Omundson. (d) Development Property. The property legally described in Exhibit A hereto. (e) I~evel0pment District ("District"). Development District No. 1, created by the City pursuant to Mir~nesota Statutes, Sections 469.124 through 469.134 and described in the Program adopted therefor. (f) I~evelopment District Program ("Program"). The plan for development of the District adopted!by the City pursuant to Minnesota Statutes, Sections 469.124 through 469.134. (g) Holder. The owner of a Mortgage. (h) .~arket Value. The market value of the Development Property as determined by the County Assessoi' in accordance with Minnesota Statutes, Section 273.11 (or as finally adjusted by an assessor, boa{'d of equalization, commissioner of revenue;" or any court). (i) ~atority Date. The date that the TIF Bonds have been fully paid or defeased. (j) lv~inimum Improvements. The office and warehouse/manufacturing building to be constructed by Elieveloper in accordance with the Construction Plans. (k) M~ortgage. The term "mortgage" shall include the mortgage references in Article VII of this Agreeme,~t and any deed of trust or other instrument creating an encumbrance or lien upon the Developmen{~ Property or any part thereof, as security for a loan. (1) Site Impr0vemcnts. 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. (m) Site Improvement Plans, Collectively, the plans, drawings and related documents attached hereto as Exhibit C. (n) T{tx Increment. The tax increments produced by increases in the valuation of property in theTIY District. .. (o) T}x Increment Bonds ('TIF Bonds"). The general obligation tax increment bonds issued by the Ci~ to finance the Site Improvements on the Developmeht Property and related costs: The term also inC:ludes an>, bonds or obligations issued to refund any TIF Bonds. Page 3 157