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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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5 <br /> <br />“Senior Building” means an approximately __________ square foot senior rental housing <br />facility containing at least 143 rental units, comprised of approximately 93 independent living units <br />and approximately 50 assisted living units, of which at least 20% of such units will be occupied by <br />persons with incomes no greater than 50% of the area median gross income. <br /> <br />“Senior Building Costs” means those costs to be paid or reimbursed to the Developer by the <br />Authority in connection with the development hereunder as set forth in Section 3.4(b). <br /> <br />“Skilled Nursing Units” has the meaning given in Section 3.3 hereof. <br /> <br />“State” means the State of Minnesota. <br /> <br />“Tax Increment” means that portion of the real property taxes that is paid with respect to the <br />TIF District and that is remitted to the Authority as tax increment pursuant to the Tax Increment <br />Act. <br /> <br />“Tax Increment Act” or “TIF Act” means the Tax Increment Financing Act, Minnesota <br />Statutes, Sections 469.174 through 469.1794, as amended. <br /> <br />“Tax Increment District” or “TIF District” means the Tax Increment Financing (Housing) <br />District No. 1-13, a housing tax increment financing district created by the City and the Authority. <br /> <br />“Tax Increment Plan” or “TIF Plan” means the Tax Increment Financing Plan for the Tax <br />Increment Financing District 1-13 (Lyngblomsten Senior Housing Project), as approved by the City <br />Council on July 8, 2019, and as it may be amended. <br /> <br />“Tax Increment District Property” means the Development Property that is included in the <br />TIF District. <br /> <br />“Tax Official” means any County assessor; County auditor; County or State board of <br />equalization, the commissioner of revenue of the State, or any State or federal district court, the tax <br />court of the State, or the State Supreme Court. <br /> <br />“TIF Note” means a Tax Increment Revenue Note, substantially in the form attached hereto <br />as EXHIBIT E, to be delivered by the Authority to the Developer in accordance with Section 3.5 <br />hereof. <br /> <br />“Townhomes” has the meaning given in Section 3.3 hereof. <br /> <br />“Transfer” has the meaning set forth in Section 8.2(a) hereof. <br /> <br />“Unavoidable Delays” means delays beyond the reasonable control of the party seeking to <br />be excused as a result thereof which are the direct result of strikes, other labor troubles, prolonged <br />adverse weather or acts of God, fire or other casualty to the Minimum Improvements, litigation <br />commenced by third parties which, by injunction or other similar judicial action, directly results in
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