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516911v4 JAE MU205-47 B-1 EXHIBIT B FORM OF NOTE UNITED STATE OF AMERICA STATE OF MINNESOTA COUNTY OF RAMSEY MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY No. R-1 $546,000 TAX INCREMENT REVENUE NOTE SERIES 20__ Date Rate of Original Issue 4.6% [or the Developer’s rate of financing, whichever is less] __________, 20___ The Mounds View Economic Development Authority (the “Authority”), for value received, certifies that it is indebted and hereby promises to pay to Boulevard Apartments, Limited Partnership, a Minnesota limited partnership, or registered assigns (the “Note Holder”), the principal sum of $546,000 and to pay interest thereon at the rate set forth above, as and to the extent set forth herein. 1. Payments. Principal and interest (the “Payments”) will be paid on August 1, 20__, and each February 1 and August 1 thereafter to and including February 1, 20__ (the “Payment Dates”), in the amounts and from the sources set forth in Section 3 herein. Payments will be applied first to accrued interest, and then to unpaid principal. Payments are payable by mail to the address of the Note Holder or any other address as the Note Holder may designate upon thirty (30) days’ written notice to the Authority. Payments on this Note are payable in any coin or currency of the United States of America which, on the Payment Date, is legal tender for the payment of public and private debts. 2. Interest. Interest at the rate stated herein will accrue on the unpaid principal, commencing on the date of original issue. Interest will be computed on the basis of a year of 360 days and charged for actual days principal is unpaid. Interest on this Note shall not be compounded. 3. Available Tax Increment. Payments on this Note are payable on each Payment Date in the amount of and solely payable from “Available Tax Increment,” which will mean, on each Payment Date, ninety percent (90%) of the Tax Increment attributable to the Development Property (defined in the Agreement) and paid to the Authority by Ramsey County, Minnesota in the six (6) months preceding the Payment Date, all as the terms are defined in the Contract for Private Development, dated _____________, 2018 (the “Agreement”) between the Authority and the Note Holder, as the developer. Available Tax Increment will not include any Tax Increment if, as of any Payment Date, there is an uncured Event of Default under the Agreement. The Authority will have no obligation to pay principal of and interest on this Note on each Payment Date from any source other than Available Tax Increment, and the failure of the Authority to pay the entire amount of principal or interest on this Note on any Payment Date will not constitute a