Agenda - Economic Development Authority - 05/11/2023

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the TIF Note and the recording of the Assessment Agreement including, but not limited to, attorney and municipal advisor fees and expenses; Note Payment Date means August 1, 2025, and each February 1 and August 1 of each year thereafter to and including February 1, 2038; 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; Prime Rate means the rate of interest from time to time publicly announced by U.S. Bank National Association in Minneapolis, 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 a 98-unit, four-story hotel facility by the Developer on the Development Property to be used for a Hilton Home 2 Hotel; Site Improvements means the site improvements undertaken or to be undertaken on the Development Property, more particularly described on Exhibit C attached hereto. State means the State of Minnesota; Tax Increments means 60% of the tax increments derived from the Development Property as calculated by the City in its sole discretion and which have been received and retained 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 (Redevelopment) District No. 14 located within the Development District, a description of which is set forth in the Tax Increment Financing Plan, which was qualified as a redevelopment 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 December 14, 2010, and any amendments thereto; Termination Date means the earlier of (i) February 1, 2038, (ii) the date the TIF Note is paid as provided in the TIF Note, (iii) the date on which the Tax Increment District expires or is otherwise terminated, or (iv) the date this Agreement is terminated or rescinded in accordance with its terms; TIF Note means the Tax Increment Revenue Note (Ramsey Properties, LLC Project) to be executed by the City and delivered to the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 result of strikes, other labor troubles, unusually severe or prolonged bad weather, acts of God, global pandemic (including the current pandemic known as COVID-19), epidemic, fire or other casualty to the Project, litigation commenced by third parties which, by injunction or other similar judicial action or by the exercise of reasonable discretion, results in delays, or acts of any federal, state or local governmental unit other than the City. 3 76644791v2