02-14-2001 Council Agenda - Laserfiche WebLink

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No. R -1 $148,60.00 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY IN AND FOR THE CITY OF LITTLE CANADA TAX INCREMENT REVENUE NOTE (R. J. MARCO CONSTRUCTION, INC. PROJECT) The City of Little Canada, Minnesota (the "City"), hereby acknowledges itself to be indebted and, for value received, hereby promises to pay the amounts hereinafter described (the "Payment Amounts ") to Little Canada North, LLC or its registered assigns (the "Registered Owner "), 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 installments shall have been paid in whole or in part pursuant to the terms hereof; provided that the sum of the principal amount listed above shall not exceed the Reimbursable Development Costs as provided in that certain Development Agreement, dated as of July 14, 1999, as the same may be amended from time to time (the "Development Agreement "), by and between the City of Little Canada, Minnesota (the "City") and R. J. Marco Construction, Inc. (the "Company "). The obligations of the Company have been assigned to and assumed by Little Canada North, LLC under an Amendment to Development Agreement, dated as of January 5, 2000. The unpaid principal amount hereof shall bear interest from the date of this Note until paid at the rate of 10.0% per annum [to be completed with an interest rate per annum equal to the "Reference Rate" as established and announced on the date hereof by U.S. Bank National Association, Minneapolis, Minnesota, plus 1.5 %]. Interest shall be computed on the basis of a 360 day year consisting of twelve (12) 30 -day months. The amounts due under this Note shall be payable on August 1, 2002, and on each February 1 and August 1 thereafter to and including August 1, 2009, or, if the first should not be a Business Day (as defined in the Development Agreement) the next succeeding Business Day (the "Payment Dates "). On each Payment Date the City shall pay by check or draft mailed to the person that was the Registered Owner of this Note at the close of the last business day of the City preceding such Payment Date 1206506v1 Page 31