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Agreement means this Development Agreement, as the same may be from time to time <br /> modified, amended or supplemented; <br /> Business Day means any day except a Saturday, Sunday or a legal holiday or a day on <br /> which banking institutions in the City are authorized by law or executive order to close; <br /> City means the City of Hugo, Minnesota; <br /> County means Washington County, Minnesota; <br /> Developer means Development Partners Hugo LLC, its successors and assigns; <br /> Development District means the real property described in the Development Program for <br /> Development District No. 1; <br /> Development Program means the development program approved in connection with the <br /> Development District; <br /> Development Property means the real property legally described in Exhibit A attached to <br /> this Agreement; <br /> Event of Default means any of the events described in Section 4.1 hereof; <br /> Legal and Administrative Expenses means the fees and expenses incurred by the City in <br /> connection with the adoption and administration of the Tax Increment Financing Plan, the <br /> preparation of this Agreement and the issuance of the Note; <br /> Note Payment Date means August 1, 2011, and each February 1 and August 1 of each <br /> year thereafter to and including February 1, 2021; provided, that if any such Note Payment Date <br /> should not be a Business Day, the Note Payment Date shall be the next succeeding Business <br /> Day; <br /> Person means any individual, corporation, partnership, joint venture, association, joint <br /> stock company, trust, unincorporated organization, or government or any agency or political <br /> subdivision thereof; <br /> Proiect means demolition of an existing building on the Development Property and the <br /> construction on the Development Property of an approximately 23,000 square foot commercial <br /> and retail facility; <br /> Site Improvements means the site improvements to be undertaken on the Development <br /> Property as identified on Exhibit C attached hereto; <br /> State means the State of Minnesota; <br /> Tax Increment Act means Minnesota Statutes, Sections 469.174 through 469.1799, as <br /> amended; <br /> 2212455v4 2 <br />