07-23-2003 Council Agenda - Laserfiche WebLink

Home Browse Search

1450998v8 2.21. "Redevelopment Plan" means the Redevelopment Plan the City adopted for Redevelopment Project Area No. 1. 2.22. "Redevelopment Project" means the City's Redevelopment Project Arca No. 1 which the City created pursuant to Minnesota Statutes, Section 469.001 through 469.047. 2.23. "Rutzik/Cardinal /Venetian Property" means the real property described on Exhibit A -2 and any improvements or fixtures located thereon. 5.2. 2.24. "Purchase Agreement" means the purchase agreement described in Section 2.25. "State" means the State of Minnesota. 2.26. "Tax Increments" means the tax increments which are derived under the Tax Increment Act from the taxes due and payable with respect to the Development Property (calculated for fiscal disparity purposes as provided in Section 469.177, Subdivision 3(b) as the method of calculation elected by the EDA) between January 1, 2005 and December 31, 2022 and which the EDA is entitled to retain under the Tax Increment Act. 2.27. "Tax Increment Act" means the Minnesota Tax Increment Financing Act, Minnesota Statutes, Section 469.174 to 469.179, as amended. 2.28. "Tax Increment District" means Tax Increment Financing District No. 3 -2 as described in Tax Increment Financing Plan. 2.29. "Tax Increment Financing Plan" means the tax increment financing plan the City and the EDA have approved for the Tax Increment District pursuant to the Tax Increment Act. 2.30. "Tax Increment Shortfall" has the meaning set forth in Section 8.2. 2.31. "Termination Date" means February 1, 2023. 2.32. "Unavoidable Delay" means any delays, outside the control of the party claiming its occurrence, which are the direct result of acts of the public enemy, terrorism, war, unavailability of materials, discovery of unknown hazardous materials, strikes, other labor troubles, unusually severe or prolonged bad weather, acts of God, fire or other casualty to the Minimum Improvements or acts of any federal, state or local governmental unit or litigation commenced by third parties which, by injunction or other similar judicial action or by the exercise of reasonable discretion, directly results in delays. With respect to any deadline set forth herein that is expressly made subject to Unavoidable Delay, if the Party subject to the time deadline gives notice of an Unavoidable Delay to the other Party within thirty days after the Party subject to the time deadline becomes aware of the occurrence or onset of a condition or a combination of conditions which a reasonable person would conclude may cause an Unavoidable Delay, 6-