Agenda - Council - 12/13/1994 - Laserfiche WebLink

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Draft 12/8/94 ARTICLE I DEFINITIONS, EXHIBITS, RULES OF INTERPRETATION' Section 1.Il Definitions. In this Agreement, the following terms have the following respective meanings unless the context hereof clearly requires other~vise: (a) i~. The City of Ramsey, Anoka County, Minnesota. (b) Cc~n~ struction Plans. Collectively, the plans, drawings, and related documents referred to in ExMbit B. (c) D~¥eloper. Anoka Electric Cooperative (AEC), a Minnesota Cooperative. (d) D%Velopment Property. The property legally described in Exhibit A hereto. (e) DeqVelopment District ("District"). Development District No. 1, created by the City pursuant to M.S. §469.124 through §469.134 and described in the Program adopted therefore. (f) De~¥elopment District Program ("Program"). The plan for development of the District adopted by the City pursuant to Minnesota Statutes, {}469.124 through 469.134. (g) Hoider. The owner of a Mortgage. (h) M~kct Vahle. The market value of the Development Property as determined by the County Assessor in accordance with Minnesota Statutes, {}273.11 (or as finally adjusted by an assessor, board of~equalization, commissioner of revenue, or any court). (i) Mihimum Improvements. The office and warehouse/manufacturing building to be constructed by Dekeloper in accordance with the Construction Plans. (j) Mctt~a,e. The term mortgage shall ~nclude the mortgage references m Article VII of this Ag eement~and any deed of trust or other instrument creating an encumbrance or hen upon the Development ~roperty or any part thereof, as security for a loan. (k) $itq~ 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 Plan. (1) Sit{Improvement Plans. Collectively, the plans, drawings and related documents attached hereto as ~Exhibit B. (m) Ta:~ Increment Financin~ Development District. That area of the City of Ramsey contained within 4evelopment district ~umber one within which tax increments can be used for allowable expendi~res pursuant to state statute. (n) Ta5 Increment Financing Plan ("Plan"). The plan for development of the TIF District adopted by the City pursuant to Minnesota Statutes, §469.174 through 469.179. (o) Un~ivoidable Delays. Delays beyond the reasonable control of the party seeking to be excused as a re4ult thereof, w'hich are the direct result of strikes, other labor troubles, fire or other casualty to tI~e Minimum Improvements, litigation commenced by third parties which, by injunction or othe~similar judicial action, directly results in delays, or acts of any federal, state or local governmental unit (other than the City in exercising its rights under this Agreement) which directly result in d4tays. Page 3 o751