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• and is to certify to the HRA in each year the then current Gross Tax Capacity of all taxable property in the District (the "Current Gross Tax Capacity" ) . The Current Gross Tax Capacity, less the Original Gross Tax Capacity, is the Captured Gross Tax Capacity. The .ad valorem taxes derived from the property in the District in each year, by application of the aggregate tax capacity levied by all governmental entities having authority to levy taxes on such property to the Captured Gross Tax Capacity, is the Tax Increment to be derived from the District (the "Tax Increment" ) . 1 . 04 . Redevelopment Agreement . The HRA has approved a Redevelopment Agreement (the "Redevelopment Agreement") , between the HRA and Evergreen Development Corporation, a Minnesota corporation ("Evergreen Development" ) . Under the Redevelopment Agreement, Evergreen Development agrees to redevelop the Redevelopment Project area and to make Soil Corrections , as defined in the Redevelopment Agreement, to the property included in the Redevelopment Project area . The Redevelopment Agreement provides that upon the completion of the Soil Corrections by the Redeveloper the HRA will issue to the Redeveloper its Tax Increment Revenue Note (Evergreen Townhomes) , Series 1989 (the "Note" ) in a principal amount equal to the lesser of (i) $250, 000, or (ii) the cost of the Soil Corrections . • 1 . 05 . Performance of Requirements . All acts, conditions and things which are required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the valid issuance of the Note having been done, existing, having happened and having been performed, it is now necessary for this Board to establish the form and terms of the Note, to provide security therefor and to issue the Note as provided herein. Section 2 . Form of Note . 2 . 01 . Note. The Note shall be issued in substantially the following form: • -2-