Agenda - Council - 11/10/2015 - Laserfiche WebLink

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NOW, THEREFORE, in consideration of the mutual covenants and obligations of the City and the Developer, each party does hereby represent, covenant and agree with the other as follows: ARTICLE I DEFINITIONS, EXHIBITS, RULES OF INTERPRETATION Section 1.1. Definitions. In this Agreement, the following terms have the following respective meanings unless the context hereof clearly requires otherwise: (a) Benefit Date. The date of the building permit issued by the city for the redevelopment of the property. (b) Certificate of Completion. A certificate in the form of Exhibit E to this agreement to be issued by the City to the Developer upon substantial completion of the Minimum Improvements. (c) City. The City of Ramsey, Anoka County, Minnesota. (d) ClosinQ Date. May 31, 2005 or such earlier date on which the parties may agree. (e) Construction Plans. Collectively, the plans, drawings, and related documents described in Exhibit B to this agreement. (f) Council. The City Council of the City of Ramsey. (g) Developer. Martin Land Management, L.L.C., a Minnesota Limited Liability Company. (h) Development Property. The property legally described in Exhibit A hereto. (i) Development District ("District"). Development District No. 1, created by the City pursuant to M.S. § 469.124 through § 469.134 and described in the Program adopted therefore. (j) Development District Program ("Proaram"). The plan for development of the District adopted by the City pursuant to M.S. §469,124 through §469.134. (k) Holder. The owner of a Mortgage. (1) Market Value. The market value of the Development Property and the Minimum Improvements as determined by the County Assessor in accordance with M.S. §273.11 (or as finally adjusted by an assessor, board of equalization, commissioner of revenue, or any court). 2