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12-06-1995 Council Agenda
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12-06-1995 Council Agenda
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1111/95 <br />ACQUISITION AND <br />CONSTRUCTION LOAN AGREEMENT <br />THE PARTIES TO THIS ACQUISITION AND CONSTRUCTION LOAN <br />AGREEMENT (the "Agreement ") are the ECONOMIC DEVELOPMENT AUTHORITY <br />OF THE CITY OF LITTLE CANADA, a public body corporate and politic under the laws <br />of the State of Minnesota (the "EDA ") and <br />a Minnesota (the "Developer "). This <br />Agreement shall be affective as of the date the last party to sign this Agreement signs this <br />Agreement (the "Effective Date "). <br />RECITALS: <br />A. Developer has asked the EDA for a loan in an amount up to ONE MILLION <br />NINE HUNDRED THOUSAND AND 00 /100 DOLLARS $1,900,000.00 (the "Loan "), the <br />proceeds of which are to be used solely for the acquisition of certain Land (as hereinafter <br />defined) and the improvements located thereon (the "Existing Improvements ", as hereinafter <br />defined); for the rehabilitation of the Existing Improvements (the "Rehabilitation Work ", as <br />hereinafter defined); and for the enhancement of the Existing Improvements (the <br />"Enhancement Work," as hereinafter defined). <br />B. Minnesota Statutes, Sections 469.090 through 469.108 and Sections 469.001 <br />through 460.047 authorize the EDA to issue general obligation tax increment bonds and to <br />loan the proceeds of the bonds to the Developer to finance the Developer's acquisition of <br />the Land and the Existing Improvements and the Developer's rehabilitation and <br />enhancement of the Existing Improvements. <br />C. The City is willing to issue its general obligation tax increment bonds in the <br />amount of $1,970,000 and to loan up to $1,900,000 of the bond proceeds to the Developer <br />pursuant to the terms and conditions set forth in this Agreement. <br />AGREEMENTS: <br />1. Definitions. The terms hereinafter set forth when used herein shall have the <br />following meanings: <br />304291.2 <br />"Advance" means an advance by the EDA to the Developer of proceeds of the <br />Loan in accordance with the terms hereof. <br />"Agreement" means this Acquisition and Construction Loan Agreement as the <br />same may be amended, supplemented, modified or restated from time to time. <br />Page 3 <br />
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