Laserfiche WebLink
EXHIBIT B <br /> <br /> <br /> <br />Form of TIF Note <br /> <br /> <br />No. $3,000,000.00 <br />UNITED STATES OF <br />AMERICA STATE OF <br />MINNESOTA COUNTY OF <br />ANOKA <br /> <br />CITY OF <br />RAMSEY <br /> <br /> <br />TAX INCREMENT REVENUE <br />NOTE <br /> <br />(F & C DEVELOPMENT, INC. <br /> <br />PROJECT) <br /> <br />The City of Ramsey, Minnesota (the "City"), hereby acknowledges itself to be indebted <br />and, for value received, hereby promises to pay the amounts hereinafter described (the <br />"Payment Amounts") to Residence at the COR Apartments LLC, a Minnesota limited liability <br />company (“Owner”), the assignee of the rights of F & C Ramsey, LLC, an Indiana limited <br />liability company ("Developer") under the Development Agreement (as defined below), or to <br />any Successor Holder (as defined below), but only in the manner, at the times, from the sources <br />of revenue, and to the extent hereinafter provided. This Note is being issued pursuant to the <br />terms of that certain Development Agreement by and between the Housing and Redevelopment <br />Authority in and for the City of Ramsey, Minnesota (the "HRA"), the City, Developer <br />and F & C Ramsey Member, LLC dated March 9, 2012 and recorded in the office of the <br />Anoka County Registrar of Titles on May 3, 2012 as Document No. 508341.004 as amended by <br />that First <br />Amendment to Development Agreement dated on or about , 2015 and to be recorded in <br /> <br />Marchthe <br />office of the Anoka County Registrar of Titles (collectively, the "Development Agreement"). <br />All capitalized terms used in this Note that are not expressly defined in this Note have the <br />meanings given to such terms in the Development Agreement. <br /> <br />The principal amount of this Note is $3,000,000.00, as reduced to the extent that principal <br />shall have been paid in whole or in part pursuant to the terms hereof. The unpaid principal <br />amount of this Note shall bear simple, non-compounding interest from the date of issuance of this <br />Note at 6.25% per annum Interest shall be computed on the basis of a 360 day year consisting of <br />twelve (12) 30-day months. <br /> <br />The amounts due under this Note shall be payable on August 1, 2015, February 1, 2016 <br />and on each August 1 and February 1 thereafter through and including February 1, 2038, or, if <br />such date is not a Business Day (as defined in the Development Agreement), the next <br />succeeding Business Day (each a "Payment Date" and collectively the "Payment Dates"). On <br />each Payment Date the City shall pay, by check mailed to Owner or, if this Note has been <br />assigned, to the Successor Holder (as defined below) who holds and owns this Note at the close <br />of the last business day of the City preceding such Payment Date, at the address provided by <br />Owner or such Successor Owner, an amount equal to the sum of the Tax Increments (as defined <br />in the Development Agreement) received by the City (i) since January 1, 2015, in the case of the <br />first Payment Date, and (ii) since the prior Payment Date in the case of subsequent Payment <br />6911974v4 <br /> <br /> <br />