Agenda - Council - 09/14/1993 - Laserfiche WebLink

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I I I I I I I I I I I I I I I I I I I UNITED STATE OF AMERICA STATE OF MINNESOTA CITY OF RAMSEY No. R-I $234,042 TAX INCREMENT REVENUE NOTE SERIES 1993 Dale December 1, 1993 The City of Ramsey, Minnesota (the "City"), for value received, certifies that it is indebted and hereby promises to pay to M.G. Astclford Company or registered assigns (the "Owner"), the principal sum of Two Hundred Thirty-Four Thousand, Forty-Two Dollars ($234,042) and to pay interest thereon at the rate of 8 % per annum, as and to the extent set forth herein. 1. Payments. Principal and interest ("Payments") shall be paid on February 1, 1995 and each February 1 thereafter to and including February 1, 2000 ("Payment Dates") in the amount of and only to the extent of Available Tax Increment as hereinafter defined. Payments shall be applied lust to accrued interest, and then to unpaid principal. Payments are payable by mail to the address of the Owner or such other address as the Owner may designate upon 30 days written notice to the City Administrator. Payments on this Note are payable in any coin or currency of the United Sates of America which, on the Payment Date, is legal tender for the payment of public and private debts. 2. Interest. Interest at the rate stated herein shall accrue on the unpaid principal, commencing on the date of original issue and ceasing on'February 1, 2000. Interest shall be computed on the basis of a year of 360 days and charged for actual days principal is unpaid. 3. _Available Tax Increment. Payments on this Note are payable solely from "Available Tax Increment," which shall mean, on each Payment Date, 97% of Tax Increment generated in the preceding twelve (12) months with respect to the Subject Property and remitted to the City by Anoka County, all as such terms are defined in the Development Agreement, dated as of May 31, 1991 (the "Agreement") between the City and the Owner. Available Tax Increment shall not include any Tax Increment generated by the Subject Property fi, as of any Payment Date, the Owner has breached and failed to cure any term or condition of the Agreement, including but not limited to the obligations set forth in Articles VI and VII thereof. The City shall have no obligation to pay principal of and interest on this Note on each Payment Date from any source other than Available Tax Increment, and the raj]ute of the City to pay the entire amount of principal or interest on this Note on any Payment Date shall not constitute a default hereunder as long as the City pays principal and interest hereon to the extent of Available Tax Increment. Further, the City shall have no obligation-.lo pay unpaid balance of principal or accrued interest that may remain after the final Payment on February 1, 2000. 4. Optional Prepayment. The principal sum and allaccrued interest payable under this Note is prepayable in whole or in part at any time by the City without premium or penalty. No partial prepayment shall affect the amount or timing of any other regular payment otherwise required to be made under this Note. B-2