11-13-2002 Council Agenda - Laserfiche WebLink

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DEVELOPMENT AGREEMENT 1. PARTIES AND EFFECTIVE DATE. The Parties to this Agreement are the Economic Development Authorit of the City of Little Canada, a body corporate and politic organized and existin ' under the laws of the State of Minnesota municipal corporation-(the "GityEDA ") and The Lodge of Little Canada LLC, a Minnesota limited liability company ( "Developer "). This Agreement is made and is effective as of the day of , 2002. 2. DEFINITIONS. Unless otherwise defined in this Agreement, Capitalized words and phrases used in this Agreement have the meanings attributed to them in this Section 2. In the event of a conflict between a definition set forth in this Section 2 and a definition appearing within a specific section or within an Exhibit that is a part of this Agreement, the definition set forth in a particular section or on a particular Exhibit controls for purposes of that section or Exhibit and the definition set forth in this Section 2 controls for all other portions of this Agreement. 2.1. "Agreement" means this Development Agreement; and all Exhibits to this Development Agreement, as the same may be modified, amended or supplemented from time to time. 2.2. "Available Tax Increments" means the • ercenta • e of the Tax Increments which will be used to fund the payment of the amounts due under the Tax Increment Note. TheEDA and the Develo s er have a • reed that the percentage used to calculate the "Available Tax Increments" will vary_de $ endin • u on the "ori inal net tax capacity" established for the Development Property upon the certification of the Tax Increment District. If the "original net tax capacity" of the Development Pro u erty is established in the amount of $866,300 or Less, "Available Tax Increments" means 90 percent of the Tax Increments. If the "original net tax capacity" of the Development Property is more than $866,300 but less than or equal to $949,725, "Available Tax Increments" means 91 percent of the Tax Increments. If the "original net tax ca u aci " of the Develo s ment Property is more than $949,725 but less than or equal to $1,033 150 "Available Tax Increments" means 92 percent of the Tax Increments. If the " original net tax capacity" of the Develo ment Pro er is more than 1 033 150 but less than or eu ual to '.1 116 5751 "Available Tax Increments" means 93 percent of the Tax Increments. If the "original net tax ca aci " of the Develo ment Pro ert is more than $1 116 575 but less than $1 200 000 "Available Tax Increments" means 94 percent of the Tax Increments. If the "ori ' inal net tax capacity" of the Development Propert is equal 1 200 000 "Available Tax Increments" means 95 percent of the to or more than Tax Increments. 2.3. 2.2. "Business Day" means any day except a Saturday, Sunday or a legal holiday or a day in which banking institutions in the City are authorized by law or executive order to close. 1428086vdoc Red (V8 to V7)