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11237553v3 <br /> <br /> <br /> 3 <br /> <br />Site Improvements means the power upgrades, including without limitation electrical <br />service line upgrades, building power panels and other electrical scope and wiring <br />improvements, to be undertaken on the Development Property; <br />State means the State of Minnesota; <br />Tax Increments means 90% of the tax increments derived from the Development <br />Property which have been received and retained by the City in accordance with the provisions of <br />Minnesota Statutes, Section 469.177, which tax increments from the Development Property are <br />calculated in the sole discretion of the City; <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. 7-2 located within <br />the Development District, a description of which is set forth in the Tax Increment Financing <br />Plan, which was qualified as an economic development district under the Tax Increment Act; <br />Tax Increment Financing Plan means the tax increment financing plan approved for the <br />Tax Increment District by the City Council on November 28, 2018, and any future amendments <br />thereto; <br />Tenant means Bix Produce Company, LLC, a Delaware limited liability company, its <br />successors and assigns; <br />Termination Date means the earlier of (i) February 1, 2028, (ii) the date the Note is paid <br />as provided in the Note, (iii) the date on which the Tax Increment District expires or is otherwise <br />terminated, or (iv) the date this Agreement is terminated or rescinded in accordance with its <br />terms; and <br />TIF Note means the Tax Increment Revenue Note (Bix Real Estate Holdings, LLC <br />Project) to be executed by the City and delivered to the Developer pursuant to Article III hereof, <br />the form of which is attached hereto as Exhibit B; and <br />Unavoidable Delays means delays, outside the control of the party claiming its <br />occurrence, which are the direct result of strikes, other labor troubles, unusually severe or <br />prolonged bad weather, acts of God, fire or other casualty to the Project, litigation commenced <br />by third parties which, by injunction or other similar judicial action or by the exercise of <br />reasonable discretion, directly results in delays, or acts of any federal, state or local <br />governmental unit (other than the City) which directly result in delays.