12-19-2001 Council Agenda - Laserfiche WebLink

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commission is payable), insurance premiums real estate taxes and special assessments due and payable with respect to the Redevelopment Property, utility charges; rubbish removal, snow removal; management fees• supplies and materials used in connection with the operation and maintenance of the Redevelopment Property; and payroll taxes, unemployment insurance costs, vacation allowances, uniform allowances, costs of providing disability insurance or benefits, pensions, profit sharing benefits, hospitalization, retirement or other so called "fringe benefits" to employees of Developer engaged solely in the operation or maintenance of the Redevelopment Property O erating Expenses do no include the cost of any capital improvements or capital expenditures with respect to the Redevelopment Property other than replacements required for normal maintenance and repair or capital improvements required by law. If the Developer, either directly or indirectly through a management company, hires a Related Entity to perform services or provide materials the comet of which is a "Operating Expense" any amounts paid to the Related Entity in excess of the cost Developer would have to pay to obtain substantially the same services or materials from a third party are excluded from Operating Ex ep nses. 2.45. 2.34. "Party" means the Authority, the City or the Developer. 2.46 2.35. "Purchase Agreement" means the Purchase Agreement described in Section 5. 2.47. 2.36. "Redevelopment Plan" means the Redevelopment Plan the Authority has adopted for Redevelopment Project Area. 2.48. 2.37. "Redevelopment Project Area" means the Authority's Redevelopment Project Area No. 1. 2.49. 2.38. "Redevelopment Property" means the land described on Exhibit B and any improvements (including, but not limited to, the Minimum Improvements) and fixtures (excluding tenant trade fixtures) located thereon. 2.50. "Related . ntity" means, an individual entity who controls, is controlled by or is under common control with Developer. An individual or entity controls" Developer if the individual or entity (i) is a general partner, officer, directors or employer of the Developer, (ii) directly or indirectly acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, holds with power to vote, or holds proxies representin' m' • than went (20 %) percent of the voting interest in the Developer; and (iii) controls, in any manner, the election of the majority of the Board of Governors of the Developer. A ersopn is contoled D Developer is a general partner, officer, director or employer of the person; (ii) directly or indirectly or actin. 'n concert with one or more other persons, or through one or more persons, or through one or more subsidiaries, owns, controls, holds power to vote, or holds proxies representing, more than twenty (20 %) percent of the voting interest in the person; 1353333vDOC: Red (V3 to V2) Page 111