Agenda - Council - 03/24/2015 - Laserfiche WebLink

Home

WHEREAS, the City believes that the Project and the fulfillment of this Agreement are in the best interests of the City and further the health, safety, morals and welfare of residents of the City and that the Project has been undertaken and is being assisted in accordance with a public purpose and the provisions of the applicable state and local laws and requirements. ARTICLE II DEFINITIONS Section 2.1 Definitions. Capitalized word and phrases used in this Development Agreement have the following meanings: Act means collectively, Minnesota Statutes 469 and 462C; Affiliate means a natural person, trust, trustee, corporation, limited liability company, partnership or limited partnership that: controls Developer or Borrower, is controlled by Developer or Borrower or is controlled by the same individuals and entities that control Developer or Borrower. A person or entity "controls" an entity if the person or entity, directly or indirectly or acting in or through one or more subsidiaries, owns, controls or holds with power to vote, more than 50 percent of the voting interest in the entity. An entity is "controlled by" a person or entity if that person or entity, directly or indirectly or acting in or through one or more subsidiaries, owns, controls or holds with power to vote, more than 50 percent of the voting interests in the entity. Control does not exist if the powers described in this subsection are held solely as a security interest and have not been exercised; Agreement means this Development Agreement, as the same may be modified, amended or supplemented from time to time; Assessment Agreement means an Assessment Agreement pursuant to Minnesota Statues, Section 469.177, Subd. 8 specifying minimum market values for the Development Property as of January 2, 2013 and each January 2 thereafter through and including January 2, 2036 which minimum market values will be used for the calculation of real property taxes due and payable with respect to the Development Property. The form of Assessment Agreement is attached as Exhibit F; Borrower means F & C Ramsey Member, LLC, an Indiana limited liability company; Business Day means any day other than a Saturday, Sunday or a state or federal holiday that financial institutions or post offices in the state of Minnesota close to observe; Certificate of Completion means a certificate in the form attached as Exhibit A; City means the City of Ramsey, Minnesota; 2 2695614v16