07-25-2016 EDA Packet - Laserfiche WebLink

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"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 469.1794, as amended. "Tax Increment District" or "TIF District" means the Authority's Tax Increment Financing (Economic Development) District No. 1-12. "Tax Increment Plan" or "TIF Plan" means the Tax Increment Financing Plan for the TIF District, as approved by the Authority on July 25, 2016, and as it may be amended from time to time. "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. "Tenant" means Distribution Alternatives, Inc., a Minnesota corporation, or its successors and assigns. "Termination Date" means the earlier of (a) the date of the Authority's last receipt of Tax Increment from the TIF District in accordance with Section 469.176, subd. lb(3) of the TIF Act; (b) the date the Note has been paid in full, defeased, or terminated in accordance with its terms; or (c) the date of termination of the Note and this Agreement by the Authority due to an Event of Default as set forth in Section 9.2 hereof. "Unavoidable Delays" means delays beyond the reasonable control of the party seeking to be excused as a result thereof which are the direct result of war, terrorism, strikes, other labor troubles, fire or other casualty to the Minimum Improvements, litigation commenced by third parties which, by injunction or other similar judicial action, directly results in delays, or acts of any federal, State or local governmental unit (other than the Authority in exercising its rights under this Agreement) which directly result in delays. Unavoidable Delays shall not include delays in the Developer's obtaining of permits or governmental approvals necessary to enable construction of the Minimum Improvements by the dates such approval and construction is required under Sections 4.2 and 4.3 of this Agreement, unless such delay results from the City's or Authority's failure to respond to Developer within any time period required by this Agreement. (The remainder of this page is intentionally left blank.) 4 482405v6