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• and is to certify to the HRA in each year the then current <br /> Gross Tax Capacity of all taxable property in the District (the <br /> "Current Gross Tax Capacity" ) . The Current Gross Tax Capacity, <br /> less the Original Gross Tax Capacity, is the Captured Gross Tax <br /> Capacity. The ad valorem taxes derived from the property in <br /> the District in each year, by application .of the aggregate tax <br /> capacity levied by all governmental entities having authority <br /> to levy taxes on such property to the Captured Gross Tax <br /> Capacity, is the Tax Increment to be derived from the District <br /> (the "Tax Increment") . <br /> 1 . 04 . Redevelopment Agreement . The HRA has approved <br /> a Redevelopment Agreement (the "Redevelopment Agreement") , <br /> between the HRA and Nedegaard Construction Company, Inc . , a <br /> Minnesota corporation (the "Developer" ) . Under the <br /> Redevelopment Agreement, the Developer agrees to redevelop the <br /> Redevelopment Project area and to make Soil Corrections , as <br /> defined in the Redevelopment Agreement, to the property <br /> included in the Redevelopment Project area . The Redevelopment <br /> Agreement provides that upon the completion of the Soil <br /> Corrections by the Redeveloper the HRA will reimburse the <br /> Developer up to the cost of the Soil Corrections from proceeds <br /> received from the sale of the. Note. <br /> 1 . 05 . Sale of Note. The Developer has arranged for <br /> the Note to be purchased by (the "Original <br /> Purchaser" ) . Such purchase shall be made by the Original <br /> Purchaser advancing funds to the HRA from time to time . <br /> 1 . 06 . Performance of Requirements . All acts, <br /> conditions and things which are required by the Constitution <br /> and laws of the State of Minnesota to be done, to exist , to <br /> happen and to be performed precedent to and in the valid <br /> issuance of the Note having been done, existing, having <br /> happened and having been performed, it i.s now necessary for <br /> this Board to establish the form and terms of the Note, to <br /> provide security therefor and to issue the Note as provided <br /> herein. <br /> Section 2 . Form of Note. <br /> 2 . 01 . Note. The Note shall be issued in substantially <br /> the following form: <br /> • <br /> -2- <br />