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R-1 85 EXHIBIT F FORM OF TAX INCREMENT NOTE UNITED STATES OF AMERICA STATE OF MINNESOTA CITY OF ST. ANTHONY HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF ST. ANTHONY, MINNESOTA LIMITED REVENUE TAXABLE TAX INCREMENT NOTE $1,023,000 The HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF ST. ANTHONY, MINNESOTA (the WRA'� acknowledges itself to be indebted and, for value received, promises to pay to the order of ST. ANTHONY LEASED HOUSING ASSOCIATES II, LIMITED PARTNERSHIP, or its assigns (the "Developer', solely from the source, to the extent and in the manner hereinafter provided, up to the principal amount of this Limited Revenue Taxable Tax Increment Note (this "Note") as provided in Exhibit A hereto and as otherwise provided herein, together with interest thereon accrued on the unpaid principal balance hereof, at the rate of interest of 6.0% per annum, on the Payment Dates. Each payment on this Note is payable in any coin or currency of the United States of America which on the date of such payment is legal tender for public and private debts and shall be made by check or draft made payable to the Developer and mailed to the Developer at its postal address within the United States which shall be designated from time to time by the Developer. The Note is a special and limited obligation and not a general obligation of the IIRA, which has been issued by the HRA pursuant to the Senior Rental Housing Redevelopment Agreement dated 1_1, 2012, between the City of St. Anthony, Minnesota (the "City', the HRA and the Developer (the "Redevelopment Agreernent'� and a resolution of the Board of the LIRA to aid in financing a "project," as defined in Minnesota Statutes, Section 469.174, subdivision 8, of the HRA consisting generally of defraying certain capital and administration costs incurred and to be incurred within and for the benefit of "fax Increment Financing District No. 3-5 (the "TIFDistrict'�. Capitalized terms used herein and not otherwise defined herein shall have the meaning given to them in the Redevelopment Agreement. The maximum principal amount of this Note attributable to Qualified Redevelopment Costs shall not exceed $1,023,000. Principal of and interest on this Note shall be payable solely from Available Tax Increment on each February 1 and August 1 commencing August 1, 2015 through and including February 1, 2031 (the "Payment Dates"), on the dates and in the amounts as set forth in Exhibit A attached hereto. On each Payment Date, the HRA shall apply Available Tax Increment to the payment of principal of and interest on this Note then due as provided in Exhibit A; provided, however, that in the event that Available Tax Increment is not sufficient to pay when due the F-1