07-23-2003 Council Agenda - Laserfiche WebLink

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DEVELOPMENT AGREEMENT 1. PARTIES AND EFFECTIVE DATE. The Parties to this Agreement are the Economic Development Authority of the City of Little Canada, a body corporate and public established under Minnesota Statutes Ch. 469 (the "EDA ") and The Village at Little Canada LLC, a Minnesota limited liability company ( "Developer "). This Agreement is made and is effective as of the day of , 2003. 2. DEFINITIONS. Unless otherwise defined in this Agreement, Capitalized words and phrases used in this Agreement have the meanings attributed to them in this Section 2. In the event of a conflict between a definition set forth in this Section 2 and a definition appearing within a specific section or within an Exhibit that is a part of this Agreement, the definition set forth in a particular section or on a particular Exhibit controls for purposes of that section or Exhibit and the definition set forth in this Section 2 controls for all other portions of this Agreement. 2.1. "Affiliate" means with respect to a specified person, any person that directly or indirectly controls, is controlled by, or is under common control with, the specified person. As used in this definition, the term "control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through ownership of voting securities, by contract or otherwise. 2.2. "Agreement" means this Development Agreement, and all Exhibits to this Development Agreement, as the same may be modified, amended or supplemented from time to time. 2.3. "Assessment Agreement" means the Assessment Agreement described in Section 7. A pro forma Assessment Agreement is attached as Exhibit B. 2.4. "Business Day" means any day except a Saturday, Sunday or a legal holiday or a day in which banking institutions in the City are authorized by law or executive order to close. 2.5. "Certificate of Completion and Release" means a certificate in the form attached as Exhibit C. 2.6. "City" means the City of Little Canada. 2.7. "Construction Schedule" means the schedule for the Developer's completion of the Minimum Improvements on each Parcel, which schedule is attached as Exhibit D. 2.8. "Construction Plans" means, with respect to each Parcel, the plans, specifications and related documents for the Developer's construction of the Minimum Improvements on that Parcel. The Construction Plans for each Parcel mist include at least the following: (a) a site plan showing all proposed buildings and other above ground improvements; (b) a grading and drainage plan; (c) utility plans; (d) landscape