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07-01-2019 Council Packet
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07-01-2019 Council Packet
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10/30/2021 1:08:48 PM
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7/8/2019 12:27:13 PM
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City Council
Council Document Type
Council Packet
Meeting Date
07/01/2019
Council Meeting Type
Work Session Regular
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4 <br />“County” means Anoka County, Minnesota. <br /> <br />“Developer” means Lyngblomsten Senior Housing, Inc., a Minnesota limited liability <br />company, or its permitted successors and assigns. <br /> <br />“Development District” means the Development District No. 1. <br /> <br /> “Development Program” means the Authority’s Development Program for the Development <br />District, as amended. <br /> <br />“Development Property” means the real property described in EXHIBIT A of this <br />Agreement. <br /> <br />“EDA Act” means Minnesota Statutes Sections 469.090 through 469.1082, as amended. <br /> <br /> “Event of Default” means an action by the Developer listed in Article IX of this Agreement. <br /> <br />“Holder” means the owner of a Mortgage. <br /> <br />“Infrastructure Improvements” means the infrastructure improvements to be constructed, <br />installed, and paid for by the Developer as described in EXHIBIT C of this Agreement. <br /> <br />“Material Change” means a change in construction plans that adversely affects generation of <br />tax increment or changes the number of units of rental housing. <br /> <br />“Maturity Date” means the date that the TIF Note has been paid in full or terminated in <br />accordance with its terms, whichever is earlier. <br /> <br />“Minimum Assessment Agreement” means the Minimum Assessment Agreement described <br />in Section 6.4 hereof and in substantially the form set forth in EXHIBIT H. <br /> <br />“Minimum Improvements” means the construction by the Developer of the Senior Building, <br />the Townhomes, the Clubhouse, the Infrastructure Improvements, and subject to the provisions of <br />Section 3.3, the Skilled Nursing Units. <br /> <br />“Minimum Market Value” means $________________, as set forth in the Minimum <br />Assessment Agreement. <br /> <br />“Mortgage” means any mortgage made by the Developer that is secured, in whole or in part, <br />with the Development Property and that is a permitted encumbrance pursuant to the provisions of <br />Article VII of this Agreement. <br /> <br />“Municipal Development Act” means Minnesota Statutes, Sections 469.124 to 469.133, as <br />amended. <br /> <br />“Payment Date” has the meaning given such term in the TIF Note.
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