05-23-1994 EDA - Laserfiche WebLink

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�, : _-^,.: __ _ �-�r . _ _ n � �. u - � ._�. . .�..� � ` � � No. R-1 EXHIBIT B FORM OF EDA NOTE UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY TAXABLE TAX INCREMENT REVENUE NOTE OF 1994 (SILVER LAKE POINTE PROJECT) [1] The Mounds View Economic Development Authority (the "EDA") hereby acknowledges itself to be indebted and, for value received, hereby promises to pay to [Name of Company], a Minnesota , 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 amounts due on this Note (as defined in paragraph [2] hereof). This Note is the "EDA Note" described and defined in that certain Development Assistance Agreement, dated as of , 1994 (as the same may be amended from time to time, the "Development Agreement"), between the EDA and [Name of CompanyJ, a Minnesota , as the initial Developer under the Development Agreement. [2] The amounts due on this Note shall be limited to the lesser of (1) $1,750,000 of aggregate payments hereunder and (2) 90� of the "Available Tax Increments" for the applicable fifteen- year period, all as hereinafter described. [3] Subject to the terms hereof, amounts due on this Note shall be payable on each February 1 and August 1, commencing August 1, 1997, and continuing through February 1, 2012 (the "Payment Dates"). [4] On each Payment Date (or, if not a business day of the EDA, the first business day thereafter) the EDA 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 EDA preceding such Payment Date an amount equal to the Available Tax Increments (as hereinafter defined) . The EDA shall have the option at any time to prepay in whole or in part the amounts of this Note. 263418.1 B-1