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44 <br /> ® 1.04. Redevelopment Agreement and Note. It has been proposed that the HRA enter <br /> into a Redevelopment Agreement(the 'Redevelopment Agreement"), with Hillcrest Development <br /> Limited Partnership, a Minnesota limited partnership (the 'Redeveloper"), the form of which has been <br /> presented to this Board and is ordered placed on file in the office of the Executive Director. Under the <br /> Redevelopment Agreement, the Redeveloper agrees to undertake a.projeci, as described in.the <br /> Redevelopment Agreement(the "Project"), on property included in the Redevelopment Project-area. <br /> The Redevelopment Agreement provides that to reimburse the Redevelper for a portion of the costs of <br /> the Project, the HRA will issue to the Redeveloper the Limited Revenue Taxable Tax Increment Note <br /> of the HRA in substantially the form attached to the Redevelopment Agreement(the "Note"). The <br /> Note will be payable solely out of Tax Increment. <br /> 1.05. Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Act"), provides that <br /> the HRA, as a local government agency within the meaning of the Act, may not grant a business <br /> subsidy, within the meaning of the Act, that exceeds $100,000 the HRA must provide notice and a <br /> public hearing on the business subsidy. The tax increment assistance proposed to be provided to the <br /> Redeveloper pursuant to the Redevelopment Agreement constitutes a business subsidy under the Act. <br /> 1.06. A public hearing on the granting of a business subsidy to the Redeveloper was <br /> held by the HRA on July 25, 2000. A copy of the Business subsidy Agreement between the HRA and <br /> Redeveloper (the 'Business Subsidy Agreement") has been presented to this Board and is ordered <br /> • placed on file with the Executive Director of the HRA. <br /> Section 2. Authorization and Approvals. <br /> 2.01. Approval of Redevelopment Agreement and Note. The form and terms of the <br /> Redevelopment Agreement and the Note are hereby approved, and the execution and delivery by the <br /> HRA of the Redevelopment Agreement and execution, delivery and issuance of the Note by the HRA <br /> as provided in the Redevelopment Agreement are hereby authorized. The terms of the Note shall be as <br /> set forth in the Note. The Chair and Secretary are hereby authorized and directed to execute and <br /> deliver the Redevelopment Agreement and the Note on behalf of the HRA in substantially the form <br /> presented hereto with such changes and modifications as may be approved by the officers executing the <br /> Redevelopment Agreement and the Note. The execution and delivery of the Redevelopment <br /> Agreement and the Note by the Chair and.Secretary shall be conclusive.evidence of the approval of <br /> any changes and modifications to the Redevelopment Agreement and the Note by such officers. .. <br /> 2.02. Pledge of Tax Increment. The portion of the Tax Increment which constitutes <br /> "Available Tax Increment," as defined in the Note, is hereby pledged to pay the principal of and interest <br /> on the Note as provided in the Bond. <br /> • <br /> -2- <br />