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Tax Increments means 90% of the tax increments derived from the Development <br />Property which have been received by the City in accordance with the provisions of Minnesota <br />Statutes, Section 469.177; <br />Tax Increment Act means Minnesota Statutes, Sections 469.174 through 469.1794, as <br />amended; <br />Tax Increment District means Tax Increment Financing District No. 17: Delta ModTech <br />located within the Development District, a description of which is set forth in the Tax Increment <br />Financing Plan, which was qualified as an economic development district under the Tax <br />Increment Act; <br />Tax Increment Financing Plan means the tax increment financing plan approved for the <br />Tax Increment District by the City Council on June 25, 2019, and any future amendments <br />thereto; <br />Tenant means Delta Industrial Services, Inc. (DBA Delta ModTech), a Minnesota <br />corporation, its successors and assigns; <br />TIF Note means the Tax Increment Revenue Note (Delta ModTech Project) to be <br />executed by the City and delivered to the Developer pursuant to Article III hereof, the form of <br />which is attached hereto as Exhibit B; and <br />Unavoidable Delays means delays, outside the control of the party claiming its <br />occurrence, which are the direct result of strikes, other labor troubles, unusually severe or <br />prolonged bad weather, acts of God, fire or other casualty to the Project, litigation commenced <br />by third parties which, by injunction or other similar judicial action or by the exercise of <br />reasonable discretion, directly results in delays, or acts of any federal, state or local <br />governmental unit (other than the City) which directly result in delays. <br />3 <br />11750570v4 <br />