Agenda - Council - 08/08/2016 - 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 i 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) Closing Date June 30, 2004 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 HSHT LLC, a Minnesota Limited Liability Company (h) Development Property The property legally described in Exhibit A hereto (i) Development District ("District") Development District No 1, ci eated by the City pursuant to M S § 469 124 through § 469 134 and described in the Program adopted therefore (1) Development District Program "Pro am" 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 i (1) Market Value The market value of the Development Property and the Minimum Improvements as detennined by the County Assessor in accordance with M S §27311 (or as finally adjusted by an assessor, board of equalization, commissioner of revenue, or any court) (in) Maturity Date The earlier of(i) December 31, 2011 and (ii) the date all financial assistance provided by the City described in Section 2 2(1) has been recovered fiom Tax Increments generated by the Development Property 2