Agenda - Council - 08/24/2021 - Laserfiche WebLink

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Note Payment Date means August 1, 2023, and each February 1 and August 1 of each year thereafter to and including February 1, 2032; provided, that if any such Note Payment Date should not be a Business Day, the Note Payment Date shall be the next succeeding Business Day; Owner means Ramsey Industrial Owner LLC, a Delaware limited liability company, its successors and assigns; Phase 1 means the construction of two (2) industrial buildings; building one will be approximately 111,300 square feet and building two will be approximately 147,000 square feet by the Developer on the Development Property to be operated for manufacturing, warehousing, storage and distribution facilities; Phase 2 means the construction of one (1) industrial building approximately 147,000 square feet by the Developer on the Development Property to be used for manufacturing, warehousing, storage and distribution; 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 collectively, Phase 1 and Phase 2; State means the State of Minnesota; Tax Increments means 60% of 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; Tax Increment Act means Minnesota Statutes, Sections 469.174 through 469.1794, as amended; Tax Increment District means Tax Increment Financing District No. 18 (Oppidan Industrial) located within the Development District, a description of which is set forth in the Tax Increment Financing Plan, which was qualified as an economic development district under the Tax Increment Act; Tax Increment Financing Plan means the tax increment financing plan approved for the Tax Increment District by the City Council on August 24, 2021, and any future amendments thereto; TIF Note means the Tax Increment Revenue Note (Oppidan Industrial Project) to be executed by the City and delivered to the Developer pursuant to Article III hereof, the form of which is attached hereto as Exhibit B; and Unavoidable Delays means delays, outside the control of the party claiming its occurrence, which are the direct result of strikes, other labor troubles, material shortages, civil unrest, unusually severe or prolonged bad weather, acts of God or nature, fire or other casualty to the Project, litigation commenced by third parties which, by injunction or other similar judicial action or by 3 13580713v3