08-13-2003 Council Agenda - Laserfiche WebLink

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institution to purchase the Development Property and /or fund any portion of the construction costs and initial operating capital requirements of the Minimum Improvements, or all such Mortgages as appropriate; Guaranty means the guaranty by the Developer as provided in Section 7.1 of this Agreement; Interfund Loan means the interfund loan indicated in the City's Resolution No. which will be used to finance the costs of the Site Improvements in an amount equal to the Reimbursement Amount as provided in Section 3.1; Legal and Administrative Expenses means the fees or expenses incurred by the City in connection with the administration of the Tax Increment Financing Plan and the preparation of this Agreement; Minimum Improvements means the substantial completion of the improvements contemplated by and in accordance with this Agreement and the Construction Plans and generally described as an approximately 57,000 square foot office building/training facility; Mortgage means any mortgage or security agreement in which the Developer or a successor in interest has granted a mortgage or other security interest in the Development Property, or any portion or parcel thereof, or any improvements constructed thereon, and which is a permitted encumbrance pursuant to the provisions of Article VIII; Net Proceeds means any proceeds paid by an insurer to the Developer and /or the City under a policy or policies of insurance required to be provided and maintained by the Developer pursuant to Article V of this Agreement and remaining after deducting all expenses (including fees and disbursements of counsel) incurred in the collection of such proceeds; Permitted Encumbrances means the encumbrances described in Exhibit D to this Agreement; Person means any individual, corporation, partnership, joint venture, association, joint -stock company, trust, unincorporated organization, or government or any agency or political subdivision thereof; Project means the acquisition of the Development Property and the construction of the Minimum Improvements thereon; Site Improvements means the site improvements undertaken or to be undertaken on the Development Property, including soil corrections consisting of installation of geopiers; State means the State of Minnesota; Tax Increment Financing Plan means the tax increment financing plan approved for the Tax Increment District under the Tax Increment Act; 1549292v2 z 7