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2.26. "Tax Increments" means the tax increments which are derived under the <br />Tax Increment Act from the taxes due and payable with respect to the Development <br />Property (calculated for fiscal disparity purposes as provided in Section 469.177, <br />Subdivision 3(b) as the method of calculation elected by the GityEDA) between January <br />1, 2005 and December 31, 2029, and which the CityEDA is entitled to retain under the <br />Tax Increment Act. <br />2.27. "Tax Increment Act" means the Minnesota Tax Increment Financing Act, <br />Minnesota Statutes, Section 469.174 to 469.179, as amended. <br />2.28. "Tax Increment District" means the City's and the FDA's Tax Increment <br />Financing District No. 3 -3 as described in Tax Increment Financing Plan. <br />2.29. "Tax Increment Financing Plan" means the tax increment financing plan <br />the City hasand the EDA have approved for the Tax Increment District pursuant to the <br />Tax Increment Act. <br />2.30. "Tax Increment Note" means the Note the Cit -yEDA issues to the <br />Developer pursuant to Section 8. <br />2.31. "Termination Date" means February 1, 2030. <br />2.32. "Unavoidable Delay" means any delays, outside the control of the party <br />claiming its occurrence, which are the direct result of acts of the public enemy, terrorism, <br />war, unavailability of materials, discovery of unknown hazardous materials, strikes, other <br />labor troubles, unusually severe or prolonged bad weather, acts of God, fire or other <br />casualty to the Minimum Improvements or acts of any federal, state or local <br />governmental unit or litigation commenced by third parties which, by injunction or other <br />similar judicial action or by the exercise of reasonable discretion, directly results in <br />delays. <br />3. RECITALS <br />3.1. Recital One. The City has approved the Redevelopment Project pursuant <br />to Minnesota Statutes Section 469.001 to 469.047; <br />3 Pes' • t3-,-exereising -the powers of a Housing and <br />Redevelopment Authority under • • • :.:. _ .ction 169.01 to 169.047, pursuant <br />forth i., tot., Sta es 8 <br />the Development Proper[ : - ! • , _ _ .' Hensing-ancl <br />art <br />l2fepelty and�vikl -se <br />Pr perty- to-the- Developer pursuant t <br />atutes Section 169.01 to '169 cant to <br />squiring a poltiou - eat <br />elopment <br />t-and- the -P urshane- Agreement; <br />3.2. 3.3. Recite' ''a tee— Recital Two. The CityEDA approved the sale - of-the <br />Devel pment Property to the Developer of the Development Property to the <br />1428086vdoc <br />Red (V8 to V7) <br />-4- <br />