|
UNITED STATE OF AMERICA
<br />STATE OF MINNESOTA
<br />COUNTY OF ANOKA
<br />LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
<br />
<br />
<br />No. R-2 $1,200,000
<br />
<br />TAX INCREMENT REVENUE NOTE
<br />SERIES 2017
<br />
<br /> Date
<br /> of Original Issue
<br />
<br /> November 22, 2017
<br />
<br />The Lino Lakes Economic Development Authority, Minnesota (the “Authority”), for value received,
<br />certifies that it is indebted and hereby promises to pay to OIVF III Clearwater, LLC, a Delaware limited
<br />liability company, or registered assigns (the “Owner”), the principal sum of $1,200,000 solely from the sources
<br />and to the extent set forth herein.
<br />
<br />1. Payments. Principal (“Payments”) shall be paid on August 1, 2018 and each February 1 and
<br />August 1 thereafter to and including February 1, 2027 (“Payment Dates”) in the amounts and from the sources
<br />set forth in Section 3 herein.
<br />
<br />Payments are payable by mail to the address of the Owner or such other address as the Owner may
<br />designate upon 30 days’ written notice to the Authority. Payments on this Note are payable in any coin or
<br />currency of the United States of America which, on the Payment Date, is legal tender for the payment of public
<br />and private debts.
<br />
<br />2. Interest. No interest shall accrue on this Note.
<br />
<br />3. Available Tax Increment. Payments on this Note are payable on each Payment Date in the
<br />amount of and solely payable from “Available Tax Increment,” which shall mean, on each Payment Date,
<br />eighty percent (80%) of the Tax Increment attributable to the Development Property and paid to the Authority
<br />by Anoka County in the six months preceding the Payment Date, all as such terms are defined in the Contract
<br />for Private Development, dated July 25, 2016, between the Authority, United Properties Development LLC, a
<br />Minnesota limited liability company (“United Properties”), and Distribution Alternatives, Inc., a Minnesota
<br />corporation, as tenant, as assigned pursuant to the Assignment and Assumption of Contract for Private
<br />Development and Assignment of TIF Note, dated December 20, 2017, between the Authority, United
<br />Properties, as assignor, and AX Lino Lakes L.P., a Delaware limited partnership (“AX Lino Lakes”), as
<br />assignee, and as further assigned pursuant to the Assignment and Assumption of Contract for Private
<br />Development and Assignment of TIF Note, dated ____________, 2023 (collectively, the “Agreement”),
<br />between the Authority, AX Lino Lakes, as assignor, and the Owner, as assignee. Available Tax Increment
<br />shall not include any Tax Increment if, as of any Payment Date, there is an uncured Event of Default under the
<br />Agreement.
<br />
<br />The Authority shall have no obligation to pay principal of this Note on each Payment Date from any
<br />source other than Available Tax Increment, and the failure of the Authority to pay the entire amount of principal
<br />on this Note on any Payment Date shall not constitute a default hereunder as long as the Authority pays principal
|