04-28-2004 Council Agenda - Laserfiche WebLink

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ARTICLE 1 DEFINITIONS Section 1.1. Definitions. All capitalized terms used and not otherwise defined herein shall have the following meanings unless a different meaning clearly appears from the context: Adjusted Family Income means the adjusted gross income of all persons who reside in a single residential rental unit, calculated in the manner prescribed in Treasury Regulations, Section 1.167(k)- 3(b)(3) as of July 1, 1989; Agreement means this Agreement, as the same may be from time to time modified, amended or supplemented; Bonds means the City of Little Canada $5,500,000 Housing Facilities Revenue Bonds (The Presbyterian Homes of Minnesota, Inc. Project), Series 1992; Business Day means any day except a Saturday, Sunday or a legal holiday or a day on which banking institutions in the City are authorized by law or executive order to close; CDBG Tenants means persons or familes with Adjusted Family Income which does not exceed 80% of Median Income adjusted for family size; City means the City of Little Canada; Minnesota; Compliance Certificate means the Compliance Certificate in substantially the form attached hereto as Exhibit E; County means Ramsey County, Minnesota; Developer means Gideon Pond Center, Inc., a Minnesota non- profit corporation, its successors and assigns; Developer's Fee means the Developer's Fee the Developer is required to pay the City under Section 3.3 hereof; Development District means the real property described in the Development Program; Development Program means the development program approved in connection with the Development District; Development Property means the real property legally described in Exhibit B attached to this Agreement; 226247 2 - 2 3 -