Resolution 05-EDA207 - Laserfiche WebLink

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. . . EXHIBIT B Form of Tax Incrcment Note UNITED STATES OF AMERICA ST A TE OF MINNESOTA C01JNTY OF RAMSEY ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF MOUNDS VIEW, MINNESOTA No.R- $- TAX INCREMENT REVENUE NOTE (SYSCO MINNESOTA PROJECT) The Economic Development Authority of the City of Mounds View, Minnesota (the "Authority"), hercby acknowledges itself to be indebted and, for value received, hereby promises to pay the amounts hereinafter described (the "Payment Amounts") to SYSCO Food Services of Mimlesota, Inc. (the "Developer"), or its registered assigns (the "Registered Owner"), but only in the manner, at the times, from the sources of revenue, and to the extent hereinafter provided. The principal amount of this Note shall equal from time to time the principal amount stated above, as reduced to the extent that such principal installments shall have been paid in whole or in part pursuant to the terms hereof; provided that the sum of the principal amount listed above shall in no event exceed $250,000, as provided in that certain Development Agreement, dated as of , 2005, as the same may be amended from time to time (the "Development Agreement"), by and between the Authority and the Developer. The unpaid principal amount hereof shall bear interest from the date of this Note at the simple, non- compounded rate of five and no hundrcdths perccnt (5.00%) per aImum. Interest shall be computed on the basis of a 360-day year consisting of twelve (12) 30-day months. The amounts due under this Note shall be payable on February 1, 2006, and on each August I and February 1 thereafter to and including August I, 2008, or, if the first should not be a Business Day (as defined in the Development Agreement) the next succeeding Business Day (the "Note Payment Dates"). On each Payment Date the Authority shall pay by check or draft mailed to the person that was the Registered Owner of this Note at the close of the last business day of the Authority preceding such Payment Date an amount equal to the sum of the Tax Increments (hereinafter defined) received by the Authority during the six month period preceding such Payment Date. All payments made by the Authority under this Note shall be applied first to accrued interest and then to principal. The Payment Amounts due hereon shall be payable solely from the tax increments (the "Tax Increments") from the Development Property within the Authority's Tax Increment Financing District No.3 (the "Tax Increment District") within its Redevelopment Project No. which are paid to the Authority and which the Authority is entitled to retain pursuant to the provisions of Mimlesota Statutes, Sections 469.174 through 469.1799, as the same may be 1796750vl C-I