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

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Commencement Date means the date 90 days after the date the HRA and the Developer close on the Developer's purchase of the Development Property from the HRA pursuant to the Purchase Agreement; Completion Date means the date two years after the Commencement Date; Construction Plans means the plans, specifications, drawings and related documents for the construction of the Minimum Improvements that Developer submits to the City pursuant to Section 5.2; Corporate Guarantor means Flaherty & Collins Construction, Inc., an Indiana Corporation; Corporate Guaranty means the guaranty that the Corporate Guarantor executes in favor of the HRA to provide security for the performance of Borrower's obligations under the Note No. 1. The form of Corporate Guaranty is attached as Exhibit E-1; Cost of Issuance means all costs and expenses the City and the HRA will incur and any underwriter's discount the HRA will give in connection with the issuance of the Temporary Tax Increment Bonds including but not limited to: rating agency fees, financial advisor's fees, bond attorney's fees, county fees, up to a maximum of $91,000.00. The City will not have issued the Temporary Tax Increment Bonds as of the Date of Closing, so Costs of Issuance will be determined based on the City's reasonable estimate; County means Anoka County, Minnesota; Date of Closing means the "Date of Closing" as defined in the Purchase Agreement; Developer means F & C Ramsey, LLC, an Indiana limited liability company; F & C Ramsey Apartments, LLC, an Indiana limited liability company, if F & C Ramsey, LLC assigns its rights and obligations under this Agreement to F & C Ramsey Apartments, LLC pursuant to Section 11.5; and any successor in title to all or any portion of the Development Property; Development District means the City's Development District No. 1; Development Fees means the fees and charges payable to the City pursuant to Chapter 117 of the City's Ordinances in connection with City's approval of the plat of COR ONE. The categories of the "Development Fees" and the City's current estimate of the amounts of the various "Development Fees" are specifically identified on Exhibit G; Development Program means the development program the City has approved for the Development District; Development Property means the portion of Lot 1, Block 1, Lot 2, Block 1 and Outlot A, RAMSEY TOWN CENTER 5TH ADDITION, Anoka County, Minnesota to be platted as Lot 3, Block 1, COR ONE, Anoka County, Minnesota and all improvements currently located or subsequently constructed thereon; 3 2695614v16