07-28-1999 Council Agenda - Laserfiche WebLink

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Phase II Development Property means the real property (including any Minimum Improvements thereon) legally described in Exhibit C of this Agreement; Project means the acquisition of the Development Property and the construction of the Minimum Improvements thereon; State means the State of Minnesota; Tax Increment Bonds means the General Obligation Tax Increment Bonds the proceeds of which will be used to finance the costs of the Development Property and certain site improvements; the term "Bonds" shall also include any bonds or obligations issued to refund any Bonds; Tax Increment Financing Plan means the tax increment financing plan approved for the Tax Increment District under the Tax Increment Act; Termination Date means the date of expiration of this Agreement and the Assessment Agreement as provided in Section 6.1; 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 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 (except with respect to performance of the City's obligations hereunder), failure to receive or delays in the receipt of necessary approvals from federal, state or local authorities, which directly result in delays. Time lost as a result of Unavoidable Delays applicable to any deadline set forth in this Agreement shall be added to 1054867.2 Page 53