Agenda - Council - 08/08/2016 - Laserfiche WebLink

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L y (n) Minimum Improvements The manufacturing, warehousing, storage and distribution facility to be constructed by Developer in accordance with the Construction Plans (o) Minimum Maiket 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 hen 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 One Million Five Hundred Fifty-two Thousand Eight Hundied Dollais and 001100's ($1,552,800) (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 which 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 tenni also includes any bonds or obligations issued to refund any TIF Bonds (w) Tax Increment Financing District ("TIF District") TIF District No 10 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 Minimum Improvements, litigation commenced by third parties which, by injunction or other similar judicial action, directly results in delays, or acts of any