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DEVELOPMENT ASSISTANCE AGREEMENT
<br /> THIS AGREEMENT is dated as of FcLtua y 17 9gptembeT 1,4, 1998;
<br /> is by and between the Mounds View Economic Development Authority
<br /> and Michael Investments, Ltd. , a Minnesota
<br /> ti.,da.rcirati�a general ,partnership; and provides as follows:
<br /> ARTICLE I
<br /> DEFINITIONS
<br /> Section 1. 1 . Definitions . In this Agreement, unless a
<br /> different meaning clearly appears from the context :
<br /> "Agreement" means this Development Assistance Agreement by and
<br /> between the Authority and the Developer, as the same may be from
<br /> time to time modified, amended or supplemented.
<br /> "Authority" means the Mounds View Economic Development
<br /> Authority.
<br /> "Board" means the Board of Commissioners of the Authority, its
<br /> governing body.
<br /> "fonds" means (1) the City' s $6, 000, 000 Taxable General
<br /> Obligation Tax Increment Bonds, Series 1988A, dated February 1,
<br /> 1988, (2) the City' s $930, 000 General Obligation Tax Increment
<br /> Bonds, Series 19899, dated November 1, 1989, (3) the City's
<br /> $1, 490 , 000 Taxable General Obligation Tax Increment Bonds, Series
<br /> 1989C, dated November 1, 1989, (4) and any bonds or similar
<br /> obligations issued by the City or the Authority to refund any of
<br /> the Bonds (including without limitation (i) the City's $4, 945, 000
<br /> Taxable General Obligation Tax Increment Refunding Bonds, Series
<br /> 1996B, dated May 1, 1995, and issued to "crossover refund" the
<br /> above -entioned Series 1988A Bonds as of February 1, 1996; (ii)
<br /> the City' s $2, 770, 000 Taxable General Obligation Tax Increment
<br /> Refunding Bonds, Series 1996A, dated March 1, 1996, to the extent
<br /> issued to advance refund the above --mentioned Series 1989C Bonds
<br /> (pursuant to which said Series 1989C Bonds will be paid in full on
<br /> February 1, 1997) ; and (iii) the City's $815, 000 General Obligation
<br /> Tax Increment Refunding Bonds, Series 1996B, dated March 1, 1996,
<br /> and issued to advance refund and pay in full on February 1, 1997,
<br /> the above --mentioned Series 1989 Bonds) .
<br /> "Certificate of Completion" means the certificate substan-
<br /> tially in the form of the attached Exhibit C, to be executed by the
<br /> Authority upon the conditions provided in Section 3 .4 hereof upon
<br /> completion of the Improvements .
<br /> 334455.RED
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