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07-25-2016 EDA Packet
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07-25-2016 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
07/25/2016
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"Development District" means the Development District No. 1. <br />"Development Property" means the real property described in EXHIBIT A of this <br />Agreement. <br />"Development Program" means the Authority's Development Program for the <br />Development District, as amended. <br />` EDA Act" means Minnesota Statutes, Sections 469.090 to 469.1082, as amended <br />"Event of Default" means an action by the Developer listed in Article IX of this <br />Agreement. <br />"Holder" means the owner of a Mortgage. <br />"Lease" means the lease between Developer and Tenant whereby Tenant leases the <br />Minimum Improvements and other improvements on the Development Property. <br />"Minimum Improvements" means an approximately 400,000 square foot warehouse and <br />distribution facility with related office space and other improvements to be constructed on the <br />Development Property for use by the Tenant in its distribution business. <br />"Mortgage" means any mortgage made by the Developer which is secured, in whole or in <br />part, by the Development Property. <br />"Municipal Development Act" means Minnesota Statutes, Sections 469.124 to 469.134, <br />as amended. <br />"Note" means the Tax Increment Revenue Note, substantially in the form contained in <br />the Authorizing Resolution attached hereto as Exhibit B, to be delivered by the Authority to the <br />Developer in accordance with Section 3.3 hereof to reimburse Developer for Public <br />Development Costs. <br />"Payment Date" means each August 1 and February 1 during the term of the Note. <br />"Public Development Costs" means those costs to be paid or reimbursed to the Developer <br />by the Authority in connection with the development hereunder as set forth in Section 3.3. <br />"Qualified Facility" means a distribution, warehouse or manufacturing facility, including <br />office space necessary for and related to those activities, all within the meaning of Sections 469.176, <br />subd. 4c and 469.176, subd. 7(b) of the TIF Act. The Minimum Improvements will be a Qualified <br />Facility as long as the Minimum Improvements are operated for the aforementioned qualified uses <br />and remain compliant with the provisions of Section 3.5. <br />"State" means the State of Minnesota. <br />3 <br />482405v6 <br />
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