Resolution No. 03-06 (Approved) - Laserfiche WebLink

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UNITED STATE OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY No. R-1 $638,400 TAX INCREMENT REVENUE NOTE SERIES 20__ Date of Original Issue The Lino Lakes Economic Development Authority (the “Authority”), for value received, certifies that it is indebted and hereby promises to pay to Panattoni Development Co., LLC or registered assigns (the “Owner”), the principal sum of $638,400, without interest thereon, as and to the extent set forth herein. 1. Payments. Principal payments (“Payments”) shall be paid on August 1, 2006 and each February 1 and August 1 thereafter to and including February 1, 2011 (“Payment Dates”) in the amounts and from the sources set forth in Section 2 herein. Payments are payable by mail to the address of the Owner or such other address as the Owner may designate upon 30 days written notice to the Authority. Payments on this Note are payable in any coin or currency of the United States of America which, on the Payment Date, is legal tender for the payment of public and private debts. 2. Available Tax Increment. Payments on this Note are payable on each Payment Date in the amount of and solely from “Available Tax Increment,” which means, on each Payment Date, 80.0 percent of the Tax Increment attributable to the Development Property and paid to the Authority by Anoka County in the six months preceding the Payment Date, all as such terms are defined in the Contract for Private Development between the Authority and Owner dated as of ________, 2003 (the “Agreement”). Available Tax Increment shall not include any Tax Increment if, as of any Payment Date, there is an uncured Event of Default under the Agreement. The Authority shall have no obligation to make any payment on this Note on any Payment Date from any source other than Available Tax Increment, and the failure of the Authority to pay principal on any Payment Date shall not constitute a default hereunder as long as the Authority pays principal to the extent of Available Tax Increment. The Authority shall have no obligation to pay unpaid balance of principal that may remain after the final Payment on February 1, 2011. 4. Optional Prepayment. The principal sum payable under this Note is prepayable in whole or in part at any time by the Authority without premium or penalty. SJB-237079v2 C-2 LN140-81