07-23-2003 Council Agenda - Laserfiche WebLink

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the TIF District (calculated for fiscal disparity purposes as provided in Section 469.177, Subdivision 3(b) as the method of calculation elected by the EDA) and which the EDA is entitled to retain under the Tax Increment Act. 2.38. "Tax Increment Act" means the Minnesota Tax Increment Financing Act, Minnesota Statutes, Section 469.174 to 469.179, as amended. 2.39. "Tax Increment District" means Tax Increment Financing District No. 3 -2 as described in Tax Increment Financing Plan. 2.40. "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. 2.41. "Tax Increment Shortfall" has the meaning set forth in Section 8.2. 2.42. "Tax Increment Shortfall Note" means a tax increment revenue note, in substantially the form attached herewith as Exhibit L, to be issued by the EDA pursuant to the provisions of Section 8.5 hereof. 2.43. "Termination Date" means February 1, 2023. 2.44. "TIF Bonds" means the City of Little Canada Taxable General Obligation Tax Increment Bonds, Series 2001A, as the same may be refunded from time to time. 2.45. "Townhome Developer" means The Villas at Little Canada LLC, a Minnesota limited liability company, and its successors and assigns. 2.46. "Townhome Development Agreement" means that certain Development Agreement dated as of , 2003, between the EDA and the Townhome Developer. 2.47. "Townhome Development Property" means the real property described on Exhibit M and any improvements now or hereafter located thereon. 2.48. "Townhome Tax Increment Shortfall" means Tax Increment Shortfall as defined in the Townhome Development Agreement. 2.49. "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 (30) days after the Party subject to the -5-