10-23-2024 Council Packet - Laserfiche WebLink

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135341328v1 3 Prime Rate means the rate of interest from time to time publicly announced by U.S. Bank National Association in Minneapolis, Minnesota, as its "reference rate" or any successor rate, which rate shall change as and when that prime rate or successor rate changes; Project means the construction and equipping of a multifamily rental housing facility containing a total of 160-units, including approximately 17 1-bedroom, 98 2-bedroom and 45 3- bedroom units and underground and surface parking and supporting amenities on the Development Property in the City; Site Improvements means the site improvements to be undertaken on the Development Property as identified on Exhibit C attached hereto; State means the State of Minnesota; Tax Increment Act means Minnesota Statutes, Sections 469.174 through 469.1794, as amended; Tax Increment District means Tax Increment Financing (Housing) District 7-4, located within the Development District, a description of which is set forth in the Tax Increment Financing Plan, which was qualified as a housing 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 October 23, 2024, and any future amendments thereto; Tax Increments means 90% of the tax increments derived from the Development Property which have been received and retained by the City in accordance with the provisions of Minnesota Statutes, Section 469.177; Termination Date means the earlier of (i) February 1, 2053, (ii) the date the TIF Note, including applicable interest, is paid in full, (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which the Tax Increment District expires or is otherwise terminated, or (iv) the date this Agreement is terminated or rescinded in accordance with its terms; TIF Note means the Tax Increment Revenue Note (RIDE Housing Project) to be executed by the City and delivered to the Developer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 direct result of strikes, other labor troubles, unusually severe or prolonged bad weather, acts of God, fire or other casualty to the Project, material shortages, pandemic affecting the State as determined by the Governor, acts of war or terrorism, discovery of unknown hazardous materials or other concealed site conditions or delays of contractors due to such discovery, litigation commenced by third parties which, by injunction or other similar judicial action or by the exercise of reasonable discretion, directly results in delays, or acts of any federal, state or local governmental unit (other than the City) which directly result in delays.