Agenda - Council Work Session - 06/25/2019

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Development District; ARTICLE I DEFINITIONS Section 1.1. Definitions. All capitalized terms used and not otherwise defined herein shall have the following meanings unless a different meaning clearly appears from the context: Agreement means this Agreement, as the same may be from time to time modified, amended or supplemented; Business Day means any day except a Saturday, Sunday or a legal holiday or a day on which banking institutions in the City are authorized by law or executive order to close; City means the City of Ramsey, Minnesota, its successors and assi County means Anoka County, Minnesota; Developer means SLP EX, LLC, a Minnesota limited hie, company, its successors and assigns; and AMP EX, LLC, a Minnesota limited ha.** company, its successors and assigns; (/)..'\ Development District means the real propert ' luded in Development District No. 1 heretofore established;" ♦ Development Program means the Deve '. ent Program approved in connection with the J\. Development Property mean eal property described in Exhibit A attached to this Agreement; Event of Default mey of the events described in Section 4.1 hereof; Note Payment T eans August 1, 2021, and each February 1 and August 1 of each year thereafter to an • cp uding February 1, 2030; provided, that if any such Note Payment Date should not be a lItTh ss Day, the Note Payment Date shall be the next succeeding Business Day; Prime Rate means the rate of interest from time to time publicly announced by U.S. Bank National Association in St. Paul, Minnesota, as its "prime rate" or "reference rate" or any successor rate, which rate shall change as and when that rate or successor rate changes; Project means the construction of an approximately 210,000 square foot manufacturing facility on the Development Property located in the City; State means the State of Minnesota; 2 11750570v4