12-19-2001 Council Agenda - Laserfiche WebLink

Home Browse Search

(or) controls in any manner the election of a majority of the directors or uovernors of the person or of the entity. 2.51. 2.39. "Settlement Agreement" means the Stipulated Settlement Agreement between the Authority and the Guerin Family Limited Partnership, dated May 23, 2001, and Exhibits A and B thereto. 2.52. 2.40. "State means the State of Minnesota. 2.53. 2.11. "Tax Increments" means tax increments, if any, derived from the Tax Increment District (calculated for fiscal disparity purposes as provided in Section 469.177, Subdivision (b) as the method of calculation elected by the City) and which the Authority is entitled to retain under the Tax Increment Act. 2.54. 2.12. "Tax Increment Act" means the Minnesota Tax Increment Financing Act, Minnesota Statutes, Section 469.174 to 469.179, as amended. 2 55. 2.13. "Tax Increment District" means the Authority's Tax Increment Financing District No. 3 -2. 2.56. 2.11. "Tax Increment Financing Plan" means the tax increment financing plan the Authority has approved for the Tax Increment District pursuant to the Tax Increment Act. 2.57. 2.15. "Term Rate" has the meaning set forth in Section 6.3(b). 2.58 2.46. "Termination Date" has the meaning set forth in Section 9.1. 2.59. 2.17. "Unavoidable Delay" means any delays, outside the control of the party claiming its occurrence, which are the direct result of strikes; other labor troubles; unusually severe or prolonged bad weather; acts of God; fire or other casualty to the Minimum Improvements; litigation commenced by third parties which, by injunction or other similar judicial action or by the exercise of reasonable discretion, directly results in delays; acts of any federal, state or local governmental unit (other than the City) which directly result in delays; or any other act or event (which does not include adverse market conditions) the risk of which the Developer is not expressly assuming in a contract with the party who was responsible for the delay. With respect to any time deadline in this Agreement that is expressly made subject to Unavoidable Delay, if the party subject to the time deadline gives notice of an Unavoidable Delay within five business days of the occurrence or onset of the condition constituting the Unavoidable Delay, the time deadline shall be extended for a number of days equal to the lesser of the duration of the facts or circumstances causing the Unavoidable Delay or 180 days. 1353333vDOC Red (V3 to V2) Page 112