08-13-2003 Council Agenda - Laserfiche WebLink

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ARTICLE I 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: Agreement means this Agreement, as the same may be from time to time modified, amended or supplemented in accordance with its terms, Assessment Agreement means the agreement, in the form of the agreement contained in Exhibit B attached hereto and made a part of this Agreement, between the Developer and the City and including the attached certification by the Assessor for the County, entered into pursuant to Article VI of this Agreement; Assessor's Minimum Market Value means the agreed minimum market value of the Development Property and the Minimum Improvements for calculation of real property taxes as determined by the assessor for the County of not less than $4,000,000 as of January 2, 2004; City means the City of Little Canada, Minnesota; Construction Plans means the plans, specifications, drawings and related documents of the construction work to be performed by the Developer on the Project and the Development Property and the plans (a) shall be as detailed as the plans, specifications drawings and related documents which are submitted to the building inspector of the City, and (b) shall include at least the following: (1) site plan; (2) foundation plan; (3) basement plans; (4) floor plan for each floor; (5) cross sections of each (length and width); (6) elevations (all sides); (7) grading and drainage; and (8) landscape; County means the County of Ramsey; Developer means International Union of Painters and Allied Trades Council 82 Building Corporation, Inc., a Minnesota corporation, its successors and assigns; Development District means the Development District No. 2; Development Program means the development program approved in connection with the Development District; Development Property means the real property (including any Minimum Improvements thereon) legally described in Exhibit C of this Agreement; Event of Default means any of the events described in Section 10.1; First Mortgage means any Mortgage which Developer purchases the Development Property subject to or any Mortgage granted to secure any loan made pursuant to either a mortgage commitment obtained by the Developer from a commercial lender or other financial 1549292v2 9 6-