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Draft 9/8/94 ARTICLE I DEFINITIONS. EXHIBITS. RULES OF INTERPRETATION Section .~,1 ~. In this Agreement, the following terms have the following respective meam,ngs unless the context hereof clearly requires otherwise: (a) C![y. The City of Ramsey, Anoka County, Minnesota. (b) COnstruction Plans. Collectively, the plans, drawings, and related documents referred to in EXl{ibit B. (c) Develor~er. Bison Properties, LLC, a Minnesota general pannership whose general partners are Rich~d g~. Nelson and Gary L. Omundson. (d) D~evel0pmcnt Property. The property legally described in Exhibit A hereto. (e) D{~velopment District ("District"). Development District No. 1, created by the City pursuant to Minrlesota Statutes, Sections 469.124 through 469.134 and described in the Program adopted therefor.' " (f) D~v¢lopment District Program ("Program"). The plan for development of the District adopted }y the City pursuant to Minnesota Statutes, Sections 469.124 through 469.134. (g) H~lder. The owner of a Mortgage. (h) Mhrket Value. The market value of the Development Property as determined by the County Assessor}in accordance with Minnesota Statutes, Se.ction 273.11 (or as finally adjusted by an assessor, board of equalization, commissioner of revenue; or any court). (i) M~aturity Date. The date that the TIF Bonds have been fully paid or defeased. (j) Minimum Improvements. The office and warehouse/manufacturing building to be constructed by D{veloper in accordance with the Construction Plans. (k) Mprtgage. The term "mortgage" shall include the mortgage references in Article VII of this Agreemen~l 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. (1) Si.lie 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 Plains. (m) Si[e Improvement Plans. Collectively, !:he plans, drawings and related documents attached hereto ag Exhibit C. (n) Tax Increment. The tax increments produced by increases in the valuation of property in the ;FIJF District. (o) Ta, x Increment Bonds ("T[F Bonds"). The general obligation tax increment bonds issued by the Cits!, to finance the Site Improvements on the Development Property and related costs: The term also includes any bonds or obligations issued to refund any TW Bonds. Page 3 t/?