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01-10-2007 Council Agenda
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01-10-2007 Council Agenda
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tfinee4- <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />THE ECONOMIC DEVELOPMENT AUTHORITY <br />OF THE CITY OF LITTLE CANADA <br />s 5igg. <br />COMMERCIAL TAX INCREMENT REVENUE SHORTFALL <br />NOTE, SERIES 200 <br />(THE VILLAGE AT LITTLE CANADA PROJECT) <br />The Economic Development Authority of the City of Little Canada, Minnesota (the <br />"EDA "), hereby acknowledges itself to be indebted and, for value received, hereby promises to <br />pay to - We A4 e- (the Original Note Holder ") or its registered assigns (the <br />registered owner of this Note is referred to herein as the "Registered Owner "), the principal of <br />fi 4s . r Dollars ($ g 1m.-D), or such greater amount as the Original <br />Note Holder or any subsequent Registered Owner actually pays to the EDA under Section 8.2 of <br />the Development Agreement defined below, but only in the manner, at the times, from the <br />sources of revenue, and to the extent hereinafter provided. <br />The principal amount of this Note shall equal from time to time the principal amount <br />stated above, as reduced to the extent that such principal shall have been paid in whole or in part <br />pursuant to the terms hereof. This Note is issued pursuant to that certain Development <br />Agreement, dated as of cAec_ 9 , 2003, as the same may be amended from time to time (the <br />"Development Agreement "), by and between the EDA and The Village at Little Canada LLC, a <br />Minnesota limited liability company (the "Company "). The unpaid principal amount hereof <br />shall bear interest from the date of this Note at the rate of three percent (3%) per annum. Interest <br />shall be computed on the basis of a 360 -day year of twelve (12) 30 -day months. <br />The amounts due under this Note shall be payableon the Maturity Date (as defined in the <br />Development Agreement). On the Maturity Date, the EDA shall pay by check or draft mailed to <br />the person that was the Registered Owner of this Note at the close of the last business day <br />preceding the Maturity Date an amount as determined by Section 8.5 of the Development <br />Agreement, but only to the extent of the pro rata share of Cumulative Tax Increment Surplus (as <br />defined in the Development Agreement) attributable to this Note. All payments made by the <br />EDA under this Note shall first be applied to accrued interest and then to principal. <br />This Note may be prepaid in whole or in part at any time without penalty, <br />The EDA makes no representation or covenant, express or implied, that the Cumulative <br />Tax Increment Surplus will be sufficient to pay, in whole or in part, the amounts which are or <br />may become due and payable hereunder. <br />M1:996026.15 <br />
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