05-09-2000 Council Agenda - Laserfiche WebLink

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EXHIBIT B FORM OF TAX INCREMENT NOTE No. R -1 $189,680 UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY THE CITY OF LITTLE CANADA TAX INCREMENT REVENUE NOTE (MASTERPIECE HOMES, 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 Masterpiece Homes, Inc. 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 in no event exceed $189,680 as provided in that certain Development Agreement, dated as of May 9, 2000, 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 Masterpiece Homes, Inc. (the "Company "). The unpaid principal amount hereof shall bear interest from the date of this Note at the simple non - compounded rate of % per annum. 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 an amount equal to the 1160667.3 Page 53