RES 19-093 APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT WITH DORAN SLV, LLC.

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"Redeveloper" means Doran SLV, LLC, a Minnesota limited liability company, or its permitted successors and assigns. "Redevelopment Plan" means the Redevelopment Plan for the Project. "Redevelopment Property" means the real property described in Schedule A of this Agreement. "State" means the state of Minnesota. "Tax Increment" means that portion of the real property taxes that is paid with respect to the Redevelopment Property and that is remitted to the Authority as tax increment pursuant to the Tax Increment Act. "Tax Increment Act" or "TIF Act" means the Tax Increment Financing Act, Minnesota Statutes Sections 469.174 to 469.1794, as amended. "Tax Increment District" or "TIF District" means Tax Increment Financing District No. 3-5, a redevelopment TIF district created by the City and the Authority. "Tax Increment Plan" or "TIF Plan" means the Tax Increment Financing Plan for the TIF District as approved by the City Council, and as it may be amended. "Tax Official" means any County assessor, County auditor, County or State board of equalization, the commissioner of revenue of the State, or any State or federal district court, the tax court of the State, or the State Supreme Court. "Transfer" has the meaning set forth in Section 8.2(a) hereof. "Unavoidable Delays" means delays beyond the reasonable control of the party seeking to be excused as a result thereof which are the direct result of strikes, other labor troubles or shortages, frozen ground or other adverse winter conditions, prolonged adverse or unforeseen weather or acts of God or conditions resulting therefrom, fire or other casualty to the Minimum Improvements, epidemics, quarantines, unavailability of power, unavailability of materials, economic recession (defined as two consecutive quarters in which there is a drop in the gross domestic product, discovery of hazardous materials or other concealed site conditions or delays of contractors due to such discovery, termination and/or eviction of existing tenants, litigation commenced by third parties which, by injunction or other similar judicial action, directly results in delays, or acts of any federal, state or local governmental unit (other than the Authority or City in exercising their rights under this Agreement), including without limitation condemnation or threat of condemnation of any portion of the Redevelopment Property, which directly result in delays. Unavoidable Delays shall not include reasonable and customary delays experienced by the Redeveloper in obtaining permits or governmental approvals necessary to enable construction of the Minimum Improvements by the dates such construction is required under Section 4.3 of this Agreement, so long as the Construction Plans have been approved in accordance with Section 4.2 hereof. 4 623340v3SA730-2