09-22-2003 EDA Packet - Laserfiche WebLink

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"Event of Default" means an action by the Developer listed in Article IX of this Agreement. "Holder" means the owner of a Mortgage. "Maturity Date" means the later of (a) date that the Note has been paid in full or terminated in accordance with its terms, or (b) five years after substantial completion of the Minimum Improvements. "Minimum Improvements" means the construction on the Development Property of an approximately 265,000 square -foot distribution facility. "Mortgage" means any mortgage made by the Developer which is secured, in whole or in part, with the Development Property and which is a permitted encumbrance pursuant to the provisions of Article VIII of this Agreement. "Note" means a Tax Increment Revenue Note, substantially in the form contained in the Authorizing Resolution, to be delivered by the Authority to the Developer in consideration for the Developer's payment of Site Improvement Costs, and any obligation issued to refund the Note. "Project" means the Authority's Development District No. 1. "Project Area" means the real property located within the boundaries of the Project. "Site Improvements" or "Site Improvement Costs" means the construction by the Developer on the Development Property of: lighting; fences/screening; curbing/islands; delineators; storm drainage system/sewers/catch basins/culverts/swales; driveway/curbcuts/parking lot/fire lane; watermains; hydrants; sanitary sewers; landscaping; site grading; erosion control. "State" means the State of Minnesota. "Tax Increment" means that portion of the real property taxes which is paid with respect to the TIF District and which is remitted to the Authority as tax increment pursuant to the Tax Increment Act. "Tax Increment Act" or "TIF Act" means the Tax Increment Financing Act, Minnesota Statutes, Sections 469.174 to 469.179, as amended. "Tax Increment District" or "TIF District" means the Authority's Tax Increment Financing District No. 1-10. "Tax Increment Plan" or "TIF Plan" means the Authority's Tax Increment Financing Plan for Tax Increment Financing District No. 1-10, as approved August 11, 2003 and as it may be amended. "Tax Official" means any County assessor; County auditor; County or State board of equalization, the commissioner of revenue of the State, or any State or federal district court, the tax court of the State, or the State Supreme Court. SJB-237079v2 LN 140-81 3