2008.09.15 EDA Packet - Laserfiche WebLink

Home

Tax Increment District means Tax Increment Financing District No. 1-2, located within the Development District, which was qualified as a redevelopment district under the Tax Increment Act; Tax Increment Financing Plan means the tax increment financing plan approved for the Tax Increment District by the City Council; Tax Increments means 90% of the tax increments derived from the Development Property, as determined by the City in its sole discretion, which have been received and retained by the City in accordance with the provisions of Minnesota Statutes, Section 469.177, in an amount not to exceed $25,230.50 in 2011 and an amount not to exceed $68,713.00 in any calendar year thereafter; Termination Date means the earlier of (i) February 1, 2021, (ii) the date the Reimbursement Amount is paid in full, (iii) the date on which the Tax Increment District expires or is otherwise terminated, or (iv) the date this Agreement is terminated or rescinded in accordance with its terms; TIF Note means the Tax Increment Revenue Note (Hugo Commons Project) to be executed by the City and delivered to the Developer pursuant to Article III hereof, a copy of which is attached hereto as Exhibit B; and Unavoidable Delays means delays, outside the control of the party claiming its occurrence, which are the direct result of strikes, other labor troubles, unusually severe or prolonged bad weather, acts of God, fire or other casualty to the Project, delays in delivery of materials for the construction of the Project, the soil conditions of the Development Property, litigation commenced by third parties which, by injunction or other similar judicial action or by the exercise of reasonable discretion, directly results in delays, or acts of any federal, state or local governmental unit(other than the City) which directly result in delays. 2212455v4 3