07-01-2019 Council Packet - Laserfiche WebLink

Home Search

E-1 EXHIBIT E FORM OF TIF NOTE UNITED STATE OF AMERICA STATE OF MINNESOTA COUNTIES OF ANOKA No. R-1 $3,218,000 LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY TAX INCREMENT REVENUE NOTE SERIES 20___ Date Rate of Original Issue 5.00% __________ The Lino Lakes Economic Development Authority (the “Authority”), for value received, certifies that it is indebted and hereby promises to pay to Lyngblomsten Senior Housing, Inc., or registered assigns (the “Owner”), the principal sum of $3,218,000 and to pay interest thereon at the rate of 5.00% per annum, as and to the extent set forth herein. 1. Payments. Principal and interest (the “Payments”) shall be paid commencing on August 1, 2022, and each February 1 and August 1 thereafter to and including February 1, 2031 (the “Payment Dates”), in the amounts and from the sources set forth in Section 3 herein. Payments are payable by mail to the address of the Owner or such other address as the Owner may designate upon thirty (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. Interest. No interest shall accrue on this Note. 3. Available Tax Increment. Payments on this Note are payable on each Payment Date solely from and in the amount of “Available Tax Increment,” which shall mean, on each Payment Date, ninety-five percent (95%) of the Tax Increment attributable to the Development Property (defined in the Agreement) and paid to the Authority by Anoka County, Minnesota in the six months preceding the Payment Date, all as such terms are defined in the Contract for Private Development between the Authority and the Owner, as the developer, dated _____________, 2019 (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.