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ARTICLE I <br />DEFINITIONS <br />Section 1.1. Definitions. All capitalized terms used and not otherwise defined herein <br />shall have the following meanings unless a different meaning clearly appears from the context: <br />Agreement means this Agreement, as the same may be from time to time modified, <br />amended or supplemented; <br />Business Day means any day except a Saturday, Sunday or a legal holiday or a day on <br />which banking institutions in the City are authorized by law or executive order to close; <br />City means the City of Ramsey, Minnesota, its successors and assigns; <br />County means Anoka County, Minnesota; <br />Developer means Oppidan Incorporated, a Minnesota corporation; <br />Development District means the real property included in Development District No. 1 <br />heretofore established; <br />Development Program means the Development Program approved in connection with the <br />Development District; <br />Development Property means the real property described in Exhibit A attached to this <br />Agreement; <br />Event of Default means any of the events described in Section 4.1 hereof; <br />Legal and Administrative Expenses means all the out-of-pocket fees and expenses <br />incurred by the City in connection with the review and analysis of the development proposed <br />under this Agreement, the administration of the Tax Increment Financing Plan and the Tax <br />Increment District, the preparation of this Agreement and the issuance of the Tax Increment <br />Note; <br />Note Payment Date means August 1, 2023, and each February 1 and August 1 of each <br />year thereafter to and including February 1, 2032; provided, that if any such Note Payment Date <br />should not be a Business Day, the Note Payment Date shall be the next succeeding Business <br />Day; <br />Owner means Ramsey Industrial Owner LLC, a Delaware limited liability company, its <br />successors and assigns; <br />Phase 1 means the construction of two (2) industrial buildings; building one will be <br />approximately 111,300 square feet and building two will be approximately 147,000 square feet <br />by the Developer on the Development Property to be operated for manufacturing, warehousing, <br />storage and distribution facilities; <br />2 <br />13580713v2 <br />