Agenda - Council - 05/14/1991 - Laserfiche WebLink

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I I I I I I il i I I I I I I I I I I I DEVELOPMENT AGREEMENT - CEDAR HILLS (g) Developer: (to be added) th) Developer Improvements: The Stage I Improvements described in ~ ..... ~aph 5 herein. (i) Development District (Distriet): Development District No. 1, created by the City pursuant to Minnesota Statutes, Sections 469.124 through 469.134 and described in the Program adopted therefor. (j) Development District Program (Program): The plan for development of the Development District adopted by the City pursuant to Minnesota Statutes, Sections 469.124 through 469.134. (k) Improvement Bonds: General obligation bonds issued by the City pursuant to Minnesota Statutes, Ch. 429, to initially finance certain Stage I Improvements. (1) Market Value: The market value of the Subject Property as determined by the County Assessor in accordance with Minnesota Statutes, Section 273.11 (or as finally adjusted by an assessor, board of equalization, commissioner of revenue, or any eour. t). (m) Maturity Date: The' date that the Note has been paid in full or terminated, whichever is earlier. (n) No.t.e: A Tax Increment Revenue Note, substantially in the form contained in the Authorizing Resolution, to be delivered by the City to the Developer. (o) Plat: Cedar Hills. The final subdivision plat of the Subject Property, known as (p) Public Improvements: paragraph 4 herein. The Stage I Improvements described in (q) Stage I Improvements: Section 17(~.039B, Improvements as defined in City Code, (r) Stage II Improvements: Section 170.039B. Improvements as defined in City Code, (s) State: The State of Minnesota. (t) Tax Increment: The tax increments produced by increases in the valuation of the Subject Property, and remitted to the City pursuant to the TIF Act.