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Phase 2 means the construction of one (1) industrial building approximately 147,000 <br />square feet by the Developer on the Development Property to be used for manufacturing, <br />warehousing, storage and distribution; <br />Prime Rate means the rate of interest from time to time publicly announced by U.S. Bank <br />National Association in St. Paul, Minnesota, as its "prime rate" or "reference rate" or any <br />successor rate, which rate shall change as and when that rate or successor rate changes; <br />Project means collectively, Phase 1 and Phase 2; <br />State means the State of Minnesota; <br />Tax Increments means 60% 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. 18 (Oppidan <br />Industrial) located within the Development District, a description of which is set forth in the Tax <br />Increment Financing Plan, which was qualified as an economic development district under the <br />Tax Increment Act; <br />Tax Increment Financinz Plan means the tax increment financing plan approved for the <br />Tax Increment District by the City Council on August 24, 2021, and any future amendments <br />thereto; <br />TIF Note means the Tax Increment Revenue Note (Oppidan Industrial 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 Delay s means delays, outside the control of the party claiming its <br />occurrence, which are the direct result of strikes, other labor troubles, material shortages, civil <br />unrest, unusually severe or prolonged bad weather, acts of God or nature, fire or other casualty to <br />the Project, litigation commenced by third parties which, by injunction or other similar judicial <br />action or by the exercise of reasonable discretion, directly results in delays, or acts of any <br />federal, state or local governmental unit (other than the City) which result in delays. <br />3 <br />13580713v2 <br />