RES 21-027 AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT

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ARTICLE 1 Definitions Definitions. In this Agreement, unless a different meaning clearly appears from the context: “Act” means M.S., Sections 469.001 through 469.047. “AMI” means the Area Median Income for the Minneapolis-Saint Paul-Bloomington Metropolitan Statistical Area (including adjustments for household size), as determined by the U.S. Department of Housing and Urban Development. “Affordable Housing Restrictive Covenant” has the meaning set forth in Section 2.09(c). “Affordable Units” has the meaning set forth in Section 2.09(b)(i). “Agreement” means this Agreement, as the same may be from time to time modified, amended or supplemented. “Assessment Agreement” means the Assessment Agreement between the City and the Developer in the form set forth as Exhibit E hereto. “Available Tax Increment” means 90 percent (90%) of the tax increment revenues generated by the Project as computed pursuant to M.S., Section 469.177, as amended from time to time. “Business Subsidies Act” means M.S., Sections 116J.993 through 116J.995. “Certificate of Completion” means a certification in the form attached hereto as Exhibit D, to be provided to the Developer pursuant to this Agreement. “City” means the City of St. Anthony, Minnesota, a Minnesota statutory city. “City Council” means the City Council of the City. “Construction Plans” means the plans, specifications, drawings and related documents for the construction work to be performed by the Developer on the Development Property. “County” means the County of Ramsey, Minnesota, a political subdivision of the State of Minnesota. “Cure Rights” means the rights to cure a Default as specified in Section 7.03 before such Default is deemed to be an Event of Default. “Default Notice” means written notice from the City to the Developer setting forth the Event of Default and the action required to remedy the same. 2