07-23-2003 Council Agenda - Laserfiche WebLink

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EXHIBIT L Form of Tax Increment Shortfall Note No. R -1 $ UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF LITTLE CANADA TAX INCREMENT REVENUE SHORTFALL NOTE, SERIES 200 (VILLAGE AT LITTLE CANADA PROJECT) The Economic Development Authority of the City of Little Canada, Minnesota (the "EDA "), hereby acknowledges itself to be indebted and, for value received, hereby promises to pay the amounts hereinafter described (the "Payment Amounts ") to or its registered assigns (the "Registered Owner "), the principal of Dollars ($ ), or such greater amount as may be advanced by the Registered Owner to the EDA under Section 8.2 of the Development Agreement defined below, but only in the manner, at the times, from the sources of revenue, and to the extent hereinafter provided. The principal amount of this Note shall equal from time to time the principal amount stated above, as reduced to the extent that such principal shall have been paid in whole or in part pursuant to the terms hereof. This Note is issued pursuant to that certain Development Agreement, dated as of , 2003, as the same may be amended from time to time (the "Development Agreement "), by and between the EDA and Village at Little Canada LLC, a Minnesota limited liability company (the "Company "). The unpaid principal amount hereof shall bear interest from the date of this Note at the rate of three percent (3 %) per annum. Interest shall be computed on the basis of a 360 -day year of twelve (12) 30 -day months. The amounts due under this Note shall be payable on the Maturity Date (as defined in the Development Agreement). On the Maturity Date, the EDA shall pay by cheek or draft mailed to the person that was the Registered Owner of this Note at the close of the last business day preceding the Maturity Date an amount as determined by Section 8.5 of the Development Agreement, but only to the extent of Excess Tax Increment (as defined in the Development Agreement). All payments made by the EDA under this Note shall first be applied to accrued interest and then to principal. This Note may be prepaid in whole or in part at any time without penalty. The EDA makes no representation or covenant, express or implied, that the Excess Tax Increment will be sufficient to pay, in whole or in part, the amounts which are or may become due and payable hereunder. 450998v4 L -1