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EXHIBIT B FORM OF TIF NOTE No. $ The City of Ramsey, Minnesota (the "City "), hereby acknowledges itself to be indebted and, for value received, hereby promises to pay the amounts hereinafter described (the "Payment Amounts ") to F &C Ramsey, LLC, an Indiana limited liability company (the "Developer ") or any Successor Holder (as defined below), but only in the manner, at the times, from the sources of revenue, and to the extent hereinafter provided. The principal amount of this Note shall equal from time to time the principal amount stated above, as reduced to the extent that such principal installments shall have been paid in whole or in part pursuant to the terms hereof; provided that the principal amount listed above shall in no event exceed $2,000,000.00 as provided in that certain Development Agreement, dated as of , by and between the City and Developer, as the same may be amended from time to time (the "Development Agreement "). The unpaid principal amount of this Note shall bear simple, non - compounding interest from the date of issuance of this Note at 6.25% per annum Interest shall be computed on the basis of a 360 day year consisting of twelve (12) 30 -day months. The amounts due under this Note shall be payable on August 1, 2013, February 1, 2014 and on each August 1 and February 1 thereafter through and including February 1, 2039, or, if such date is not a Business Day (as defined in the Development Agreement), the next succeeding Business Day (the "Payment Dates "). On each Payment Date the City shall pay by check or draft mailed to the person that was Developer or a Successor Holder of this Note at the close of the last business day of the City preceding such Payment Date an amount equal to the sum of the Tax Increments (as defined in the Development Agreement) received by the City during the six month period preceding such Payment Date. All payments made by the City under this Note shall be applied first to pay accrued, unpaid interest and then to principal. The Payment Amounts due hereon shall be payable solely from Tax Increments (as defined in the Development Agreement) from the Development Property within the City's Tax Increment Financing District No. (the "Tax Increment District ") within its Development District No. 1 which are paid to the City and which the City is entitled to retain pursuant to the provisions of Minnesota Statutes, Sections 469.174 through 469.1799, as the same may be amended or supplemented from time to time (the "Tax Increment Act "). This Note shall terminate and be of no further force and effect following the last Payment Date defined above, 2695614v62 1412/297J10 UNITED STATES OF AMERICA STA'L'E OF MINNESOTA COUNTY OF ANOKA CITY OF RAMSEY TAX INCREMENT REVENUE NOTE (F &C DEVELOPMENT, INC. PROJECT) B -1