CCAgenda_04Jan7 - Laserfiche WebLink

Home Browse Search

• "Act" means Minnesota Statutes, Sections 116J.993-.995. "Agreement" means this Agreement, as the same may be from time to time modified, amended, or supplemented. "Benefit Date" means the earlier of: (i) the date that the Commercial Component of the Improvements is completed; or (ii) the date that the Commercial Component of the Improvements is first occupied. "City" means the City of Falcon Heights, Minnesota. "Commercial Component" means that portion of the Improvements consisting of approximately 12,000 square feet of retail space. "Contract" means the Amended and Restated Development Agreement between the City and the Multifamily Developer dated effective as of "Multifamily Developer" means Falcon Heights Town Square Limited Partnership, a Minnesota limited partnership, its successors and assigns, or any future owners of the Multifamily Development Property. • "Multifamily Development Property" means the real property described as such in the Contract. "Improvements" means the construction by the Multifamily Developer of a commercial/residential development pursuant to the Contract. "State" means the State of Minnesota. "Subsidy" means the tax increment financing assistance provided to the Multifamily Developer under the Contract and which is attributable to the Commercial Component; provided, that the amount of the Subsidy at any particular time shall not exceed the amount that has been actually paid to the Multifamily Developer. ARTICLE II Job and Wage Goals; Required Provisions Section 2.1. Emnloyment and Wage Requirements. The City has determined that no wage and job goals will be imposed on the Multifamily Developer. Section 2.2. Reports. The Multifamily Developer agrees that it will provide to the City and any other authorized agency all reports required by the Act. Such reports shall be submitted at the times required by the Act. • ld9