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73850847v2
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<br />TIF Loan Agreement
<br />This TIF Loan Agreement (this "Agreement") is made and entered into as of this 1st day
<br />of July, 2022 by and between TWIN LAKE LIMITED PARTNERSHIP, a Minnesota limited
<br />partnership ("Developer" or "Borrower"), and the CITY OF LITTLE CANADA,
<br />MINNESOTA, a political subdivision under the laws of the State of Minnesota (the "City" or
<br />"Lender").
<br />WHEREAS, Developer has submitted a proposal to the City for the new construction of
<br />an approximately 90,902 square-foot rentable apartment community that will comprise an
<br />approximately 60-unit multifamily housing development for households of low and moderate
<br />income, and functionally related facilities, including an underground parking garage, expected to
<br />be known as Twin Lake Apartments, located at the northwest corner of Twin Lake Boulevard and
<br />Bankers Drive, in the City (the "Project");
<br />WHEREAS, the City has heretofore approved the establishment of Tax Increment
<br />Financing Districts Nos. 3-2, 3-3, and 5-1 (the "TIF Districts") and adopted Tax Increment
<br />Financing Plans (the "TIF Plans") and a Spending Plan (the "Spending Plan") therefore, pursuant
<br />to and in conformity with Minnesota Statutes, Sections 469.174 to 469.1794, inclusive, as
<br />amended (the "TIF Act");
<br />WHEREAS, in accordance with the Spending Plan, the City, as Lender, has agreed to
<br />loan, and Borrower, has agreed to borrow, upon the terms and conditions of this Agreement, the
<br />aggregate amount of up to $1,000,000 (the "TIF Loan") to finance the Borrower's construction of
<br />the Project, which TIF Loan will be funded from available tax increments derived from the TIF
<br />Districts:
<br />NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
<br />which is hereby acknowledged, and in consideration of the mutual covenants and agreements
<br />hereinafter contained, the parties hereto hereby agree as follows:
<br />Article 1
<br />Definitions
<br />Section 1.01. Definitions. For the purposes of this Agreement, the following terms shall
<br />have the following meanings:
<br />"Affiliate" shall mean, with respect to any designated Person (as that term is defined by the
<br />Funding Loan Agreement), each Person who directly, or indirectly through one or more
<br />intermediaries, controls, or is controlled by, or is under common control with, another designated
<br />Person, pursuant to the organizational document(s) of an entity or by other express, written
<br />agreement.
<br />"Borrower Loan Agreement" shall mean that certain Borrower Loan Agreement by and
<br />between the Borrower and the City, dated as of July 1, 2022, relating to the City's $9,319,750
<br />Multifamily Housing Revenue Note (Twin Lake Apartments Project), Series 2022.
<br />"City" shall mean the City of Little Canada, a Minnesota municipal corporation.
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