07-23-2003 Council Agenda - Laserfiche WebLink

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due and payable with respect to the Development Property pursuant to Section 8.1 and the Developer's obligation to pay to the EDA the amount of any Tax Increment Shortfall pursuant to Section 8.2. 2.17. "Hazardous Substances" means asbestos, urea formaldehyde, polychlorinated biphenyls ( "PCBs "), nuclear fuel or material, chemical waste, radioactive material, explosives, known carcinogens, petroleum products and by- products and other dangerous, toxic or hazardous pollutants, contaminants, chemicals, materials or substances listed or identified in, or regulated by, any Environmental Law. 2.18. "Letter of Credit" means a letter of credit in the amount of $350,000, in form and substance, and from a financial institution, reasonably acceptable to the EDA. 2.19. "Maturity Date" means the first January 1 or July 1 following the last collection of Tax Increment after the expiration of the TIF District. 2.20. "Minimum Improvements" means, with respect to each Parcel, the commercial buildings and other improvements generally described on the attached Exhibit F until the EDA approves the Construction Plans. After the EDA approves the Construction Plans for a Parcel, Minimum Improvements means, with respect to that Parcel, the buildings and improvements as depicted on and described in the approved Construction Plans for that Parcel as the same may be modified pursuant to Section 6.4. 2.21. "Mortgage" means a mortgage or other lien on or security interest in the Development Property, or any portion thereof, which the Developer grants to a third party. 2.22. "Outstanding Townhome Tax Increment Shortfall" means, from time to time, an amount equal to the aggregate amount of Townhome Tax Increment Shortfalls that the Townhome Developer was not obligated to pay because of the cap established in Section 8.3 of the Townhome Development Agreement, less any Surplus Townhome Tax Increment and Surplus Commercial Tax Increment that has been applied previously to reduce the Outstanding Townhome Tax Increment Shortfall pursuant to Sections 8.6 and 8.7 of this Agreement. 2.23. "Parcel" or "Parcels" means, individually, one of the five portions of the Development Property depicted on Exhibit J, upon which the Developer will construct Minimum Improvements and means, collectively, all five of the Parcels depicted on Exhibit J. 2.24. "Party" means the EDA or the Developer. 2.25. "Project" means the Developer's development of Development Property pursuant to this Agreement. 2.26. "Projected Commercial Tax Increment" with respect to any given period, the amount shown as such in the attached Exhibit N. -3-