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Resolution 05-EDA207
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Resolution 05-EDA207
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Last modified
8/10/2022 11:17:04 AM
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2/2/2007 9:21:28 AM
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<br />. <br /> <br />. <br /> <br />. <br /> <br />ARTICLE I <br /> <br />DEFINITIONS <br /> <br />Section 1.1. Definitions. All capitalized tenus used and not otherwise defined herein <br />shall have the following meanings unless a different meaning clearly appears from the context: <br /> <br />Agreement means this Agreement, as the same may be from time to time modified, <br />amended or supplemented; <br /> <br />Authority means the Economic Development Authority of the City of Mounds View, <br />Minnesota, its successors and assigns; <br /> <br />Business Dav means any day except a Saturday, Sunday or a legal holiday or a day on <br />which banking institutions in the City are authorized by law or executive order to close; <br /> <br />City means Mounds View, Mim1esota, its successors and assigns; <br /> <br />Developer means SYSCO Food Services of Minnesota, Inc., a Delaware corporation, its <br />successors and assigns; <br /> <br />Development Property means the real property described in Exhibit A attached to this <br />Agreement; <br /> <br />Event of Default means any of the events described in Section 4.1 hereof; <br /> <br />Note Payment Date means February 1,2006, and each August 1 and February 1 of each <br />year thereafter to and including August 1,2008 subject to adjustments of these dates as provided <br />in the Note; provided, that if any such Note Payment Date should not be a Business Day, the <br />Note Payment Date shall be the next succeeding Business Day; <br /> <br />Prime Rate means the rate of interest from time to time publicly aImounced by U.S. Bank <br />National Association in St. Paul, Minnesota, as its "prime rate" or "reference rate" or any <br />successor rate, which rate shall change as and when that rate or successor rate changes; <br /> <br />Proiect means the expansion of the parking facilities and the relocation of the existing <br />storm water retention pond located on the Development Property; <br /> <br />Redevelopment Proiect Area means the real property described in the Redevelopment <br /> <br />Plan; <br /> <br />Redevelopment Plan means the redevelopment plan approved in connection with the <br />Redevelopment Proj ect Area; <br /> <br />State means the State of Minnesota; <br /> <br />Tax Increment Act means Minnesota Statutes, Sections 469.174 through 469.1799, as <br />amended; <br /> <br />1796750vl <br /> <br />3 <br />
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