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

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(m) Maturity Date. The earlier of (i) December 31, 2012 and (ii) the date all financial assistance provided by the City described in Section 2.2(i) has been recovered from Tax Increments generated by the Development Property. (n) Minimum Improvements. The office/warehouse facility to be constructed by Developer in accordance with the Construction Plans. (o) Minimum Market Value. The MINIMUM MARKET VALUE for the Development Property as set forth in Section 6.1 hereof. (p) Mortgage. The mortgage references in Article VII of this Agreement and any other instrument creating an encumbrance or lien upon the Development Property or any part thereof, as security for a loan. (q) Net Tax Increment. The remaining increment after the subtraction of County and reasonable City Administrative Charges, Fiscal Disparities Contributions, State General Tax, Original Tax Capacity and all other charges required by the Acts. (r) Project. The initial construction of the Minimum Improvements having a Minimum Market Value of Six Hundred Forty -Seven Thousand Dollars and 00/100's ($647,000). (s) Public Improvements. Collectively, the public improvements to be constructed by the City and descibed in Article IV. (t) Site Improvement Plans. Collectively, the plans, drawings and related documents described in Exhibit C of this agreement. (u) Tax Increment. The tax increments derived from the Development Property with have been received by the City in accordance with the provisions of Minnesota Statutes, Section 469.177. (v) Tax Increment Bonds ("TIF Bonds"). The general obligation tax increment bonds - issued by the City to finance the Public Improvements on the Development Property and related costs: The term also includes any bonds or obligations issued to refund any TIF Bonds. (w) Tax Increment Financing District ("TIF District"). TIF District No. 2 created by the City pursuant to M.S. § 469.174 through § 469.179 and described in the TIF Plan adopted therefore. (x) Tax Increment Financing Plan ("Plan"). The plan for development of the TIF District adopted by the City pursuant to M.S. §469.174 through §469.179. (y) Unavoidable Delays. Delays beyond the reasonable control of the party seeking to be excused as a result thereof, which are the direct result of strikes, other labor troubles, civil disorder, failure or interruption of power, condemnation, riots, insurrections, war, fuel shortages, acts of God, fire or other casualty to the 3