11-13-2002 Council Agenda - Laserfiche WebLink

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EXHIBIT D PRO FORMA TAX INCREMENT NOTE No. UP TO $900,000.00 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY IN AND FOR THE CITY OF LITTLE CANADA TAX INCREMENT REVENUE NOTE (THE LODGE AT LITTLE CANADA LLC PROJECT) The Economic Development Authority AuthoriTyitf the City of Little Canada, Minnesota (the "CityEDA "), hereby acknowledges itself to be indebted and, for value received, hereby promises to pay the amounts hereinafter described (the "Payment Amounts ") to The Lodge at Little Canada LLC ( "Developer ") or the Developer's registered assigns (the "Registered Owner "), but only in the manner, at the times, from the sources of revenue, and to the extent hereinafter provided. The original principal amount of this Note is the lesser of $90030001,050,000.00 or the amount of Reimbursable Costs the Developer certifies to the CityEDA pursuant to Section 8.3 of the Development Agreement, as defined below. If the Developer has not certified all of its Reimbursable Costs to the CityEDA as of the date the CityEDA issues this Note, the GityEDA must provide the Developer with written confirmation of the original principal amount of this Note within 5 business days after the Developer notifies the CityEDA that it has certified all of its Reimbursable Costs to the GityEDA. The unpaid principal amount hereof bears simple, non - compounding interest from t• : • .: • _: +ebruary 11, 2005 at the rate of % per annum. Interest shall be computed on the basis of a 360 day year consisting of twelve (12) 30 -day months. The amounts due under this Note are payable on August 1, 2005, and on each February 1 and August 1 thereafter to and including February 1, 2030, or, if such date is not a Business Day, (as defined in the Development Agreement between the GityEDA and the Developer dated , 2002 (the "Development Agreement ")) the next succeeding Business Day (each a "Payment Date "). On each Payment Date the CityEDA must pay, by check or draft mailed to the person that is the Registered Owner of this Note at the close of the last Business Day preceding such Payment Date, an amount equal to 9-5!e -of the Available Tax Increments (alas defined below and-in the Development Agreement) the CityEDA received during the six month period preceding such Payment Date. All payments made by the CityEDA under this Note shall first be applied to accrued interest and then to principal. The amounts due hereon are payable solely from Increments ") derived u • _ _ -ix Increment Act, as 4e -f , : • -th due and - payable -with-respect to --the- Development Property, as defined in the Development Agreement - (calculated for fiscal disp. .ded --i Minnesota Statutes, Section he- "Available Tax 1428086vdoc Red (V8 to V7) D -1