04-26-2000 Council Agenda - Laserfiche WebLink

Home Browse Search

Project means the subdivision and development of a 22 unit townhouse project to be located on the Development Property; State means the State of Minnesota; Tax Increments means the tax increments derived from the Development Property which have been received and retained by the City in accordance with the provisions of Minnesota Statutes, Section 469.177; Tax Increment Act means Minnesota Statutes, Sections 469.174 through 469.179, as amended; Tax Increment District means Tax Increment Financing District No. 3 -2 located within the Development District, the legal description of which is set forth in the Tax Increment Financing Plan, which was qualified as a redevelopment district under the Tax Increment Act; Tax Increment Financing Plan means the tax increment financing plan approved for the Tax Increment District by the City Council on April 28, 1998, as amended on March 22, 2000; Tax Increment Note means the Tax Increment Revenue Note (Masterpiece Homes, Inc.) to be executed by the City and delivered to the Developer pursuant to Article III hereof, a copy of which is attached hereto as Exhibit B; Unavoidable Delays means 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 Project, litigation commenced by third parties which, by injunction or other similar judicial action or by the exercise of reasonable discretion, directly results in delays, or acts of any federal, state or local governmental unit (other than the City) which directly result in delays. 1160667.1 Page 217