08-22-2001 Council Agenda - Laserfiche WebLink

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dangerous, toxic or hazardous pollutants, contaminants, chemicals, materials or substances listed or identified in, or regulated by, any Environmental Law; 2.21. "Minimum Improvements" means the buildings and improvements generally described on the attached Exhibit B until the Developer has prepared and the has approved the Construction Plans. After the City has approved the Construction Plans, Minimum Improvements means the buildings and improvements as depicted on and described in the Construction Plans; 2.22. "Mortgage" means a mortgage or other lien on or security interest in the Development Property, or any portion thereof, the Developer grants to a third party; 2.23. "Net Insurance Proceeds" means the amount of insurance proceeds an insurer is obligated to pay to the City and the Developer (and any other insured parties) under a policy or policies of insurance this Agreement requires the Developer to obtain and maintain less reasonable expenses (including reasonable attorneys' fees and disbursements) Developer incurs to collect the insurance proceeds; 2.24. "Party means the City or the Developer. 2.25. "Project" means the Developer's development of Development Property pursuant to this Agreement; 2.26. "Purchase Agreement" means the Purchase Agreement described in Section 5; 2.27. "State" means the State of Minnesota; 2.28. "Tax Increments" means the tax increments which are derived under the Tax Increment Act 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 City is entitled to retain under the Tax Increment Act; 2.29. "Tax Increment Act" means the Minnesota tax increment financing act, Minnesota Statutes, Section 469.174 to 469.179, as amended; 2.30. "Tax Increment District" means Tax Increment Financing District No. 2 -1 as described in tax increment financing plan; 2.31. "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; 1316916v1 2.32. "Termination Date" means December 31, 2016; 2.33. "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 Page 48