Agenda - Council - 07/14/2026 - Laserfiche WebLink

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ARTICLE 1 DEFINITIONS 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 Development 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; Compliance Certificate means the Compliance Certificate in substantially the form attached hereto as Exhibit D; Construction Plans means the plans, specifications, drawings and related documents for the Project which shall be as detailed as the City may reasonably request to allow it to ascertain the nature and quality of the proposed construction work; County means Anoka County, Minnesota; Developer means Ramsey Senior Housing, LLC, a Minnesota limited liability company, its successors and assigns; Development District means Development District No. 1 heretofore established, including the real property described in the Development Program; Development Program means the development program approved in connection with the Development District, as modified; Development Property means the real property described in Exhibit A attached to this Agreement; Event of Default means any of the events described in Section 4.1 hereof; Legal and Administrative Expenses means the fees and expenses incurred by the City in connection with the establishment of the Tax Increment District, the preparation of this Agreement and the issuance of the TIF Note; Note Payment Date means August 1, 2028, and each February 1 and August 1 of each year thereafter to and including February 1, 2046; 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; 2 300384045v3