09-07-2021 EDA Packet - Laserfiche WebLink

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5 “Municipal Development Act” means Minnesota Statutes, Sections 469.124 to 469.133, as amended. “Original Agreement” means the Contract for Private Development, dated July 23, 2019, between Authority and the Assignor, which was assigned to and assumed by the Developer pursuant to an Assignment and Assumption Agreement, dated September 7, 2021 between the Authority, the Assignor and the Developer. “Payment Date” has the meaning given such term in the TIF Note. “Qualified Development Costs” means the costs of acquiring land within the TIF District in the maximum amount of $487,000, demolition and remediation directly related to the Senior Housing Units, parking improvements related to the Senior Housing Units, and costs of constructing the Senior Housing Units. “Senior Housing Units” means approximately 147 units, comprised of approximately 96 independent living apartments, 35 Assisted Living Units, and 16 memory care Assisted Living Units, of which at least 20% of the 147 units will be occupied by persons with incomes no greater than 50% of the area median gross income. “Skilled Nursing Units” means approximately 56 units of skilled nursing units to be constructed as an expansion to the Senior Housing Units, subject to the provisions of Section 3.4 hereof. “State” means the State of Minnesota. “Tax Increment” means that portion of the real property taxes that is paid with respect to the TIF District and that is remitted to the Authority as tax increment pursuant to the Tax Increment Act. “Tax Increment Act” or “TIF Act” means the Tax Increment Financing Act, Minnesota Statutes, Sections 469.174 through 469.1794, as amended. “Tax Increment District” or “TIF District” means the Tax Increment Financing (Housing) District No. 1-13, a housing tax increment financing district created by the City and the Authority. “Tax Increment Plan” or “TIF Plan” means the Tax Increment Financing Plan for the Tax Increment Financing District 1-13 (Lyngblomsten Senior Housing Project), as approved by the City Council on July 8, 2019, and as it may be amended. “Tax Official” means any County assessor; County auditor; County or State board of equalization, the commissioner of revenue of the State, or any State or federal district court, the tax court of the State, or the State Supreme Court. “Termination Date” means the earliest of (a) the date the TIF Note has been paid in full, defeased, or terminated in accordance with its terms; (b) the date following the 17th Payment Date for