07-01-2019 Council Packet - Laserfiche WebLink

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3 ARTICLE I Definitions Section 1.1. Definitions. In this Agreement, unless a different meaning clearly appears from the context: “Agreement” means this Contract for Private Development, as the same may be from time to time modified, amended, or supplemented. “Authority” means the Lino Lakes Economic Development Authority, a public body corporate and politic under the laws of the State. “Authority Representative” means the Executive Director of the Authority or any person designated by the Executive Director to act as the Authority Representative for the purposes of this Agreement. “Authorizing Resolution” means the resolution of the Authority adopted by Authority Board on July 8, 2019, approving this Agreement and authorizing the issuance of the TIF Note. “Available Tax Increment,” means, on each Payment Date, ninety-five percent (95%) of the Tax Increment attributable to the Development Property and paid to the Authority by the County in the six months preceding the Payment Date. Available Tax Increment shall not include any Tax Increment if, as of any Payment Date, there is an uncured Event of Default under this Agreement. “Board” means the Board of Commissioners of the Authority. “Certificate of Completion” means the Certificate, in substantially the form attached as EXHIBIT B, provided to the Developer pursuant to Section 4.4 of this Agreement. “City” means the City of Lino Lakes, Minnesota. “Clubhouse” means an approximately __________ square feet clubhouse constructed on the Development Property to be open to residents of the Townhomes, the Senior Building, and the Skilled Nursing Units. “Construction Plans” means the plans, specifications, drawings and related documents related to the Minimum Improvements, which (a) shall be as detailed as the plans, specifications, drawings and related documents which are submitted to the appropriate building officials of the City, and (b) shall include at least the following: (1) site plan; (2) foundation plan; (3) floor plan for each floor; (4) elevations (all sides, including a building materials schedule); (5) landscape and grading plan; and (6) such other plans or supplements to the foregoing plans as the City may reasonably request to allow it to ascertain the nature and quality of the proposed construction work.