05-14-08 Council Agenda - Laserfiche WebLink

Home Browse Search

$47 641, c�, UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LITTLE CANADA TOWNHOME TAX INCREMENT REVENUE SHORTFALL NOTE, SERIES 200_ (THE VILLAS AT LITTLE CANADA PROJECT) The Economic Development Authority of the City of Little Canada, Minnesota (the "EDA "), hereby acknowledges itself to be indebted and, for value received, hereby promises to pay to 744 p'/r (4s h c. (the Original Note Holder ") or its registered assigns (the registered owner of this Note is referred to herein as the "Registered Owner "), the principal of V' /1/5 -: o Dollars ($ y 1/4111— ), or such greater amount as the Original Note/Holder actually pays to the EDA under Sction 8.2 of the Development Agreement defined below, but only in the manner, at the times, from the sources of revenue, and to the extent hereinafter provided. The principal amount of this Note shall equal, from time to time, the principal amount stated above, as reduced to the extent that such principal shall have been paid in whole or in part pursuant to the terms hereof. This Note is issued pursuant to that certain Development Agreement, dated as of dte,, y , 2003, as the same may be amended from time to time (the "Development Agreement "), by and between the EDA and The Villas at Little Canada LLC, a Minnesota limited liability company (the "Company "). The unpaid principal amount hereof shall bear interest from the date of this Note at the rate of three percent (3 %) per annum. Interest shall be computed on the basis of a 360 -day year of twelve (12) 30 -day months. The amounts due under this Note shall be payable on the Maturity Date (as defined in the Development Agreement). On the Maturity Date, the EDA shall pay by check or draft mailed to the person that was the Registered Owner of this Note at the close of the last business day preceding the Maturity Date an amount as determined by Section 8.7 of the Development Agreement, but only to the extent of the Cumulative Tax Increment Surplus (as defined in the Development Agreement) and only to the extent the Development Agreement provides for application of such Cumulative Tax Increment Surplus to the payment of amounts due under this Note. All payments made by the EDA under this Note shall first be applied to accrued interest and then to principal. This Note may be prepaid in whole or in part at any time without penalty. 2