5.1. HRSR 12-06-2004 - Laserfiche WebLink

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"Jackson Block Housing Project" means approximately 32 units of rental housing, lb NW together with related parking facilities, to be constructed on the Jackson Block Property. "Jackson Block Property"means the real property legally described in Exhibit B hereto. "Lender" means any financial institution to which the Developer assigns its rights to payments under the Tax Increment Revenue Note. "Market Value" or "Market Valuation" means the market value of real property as determined by the assessor of the County in accordance with Minnesota Statutes, Section 273.11 (or as finally adjusted by any assessor, board of equalization, commissioner of revenue, or any court). "Minimum Improvements" means the Bluff Block Development and the Jackson Block Development. "Owner Upgrades" means any improvements or upgrades in materials used in the construction of a housing unit selected by the purchaser of such housing unit`from the list attached hereto as Exhibit P. "Parking Lot" means the parking lot to be constructed by the City on King Avenue in connection with the construction of the Minimum Improvements. "Parking Lot Cost" means the cost of the Parking Lot as determined by the City based on the awarded construction contract, third party engineering fees, contingencies and other ordinary costs of construction. The amount of the Parking Lot Cost will not exceed $350,000 unless the City and the Developer have agreed in writing. "Parking Lot Note" means the tax increment revenue note, in substantially the form attached hereto as Exhibit F hereto to be issued by the City pursuant to the provisions of Section 5.9 hereof. "Parking Lot Pledged Tax Increment" means, as of any Payment Date, 6% of the lesser of the actual Available Tax Increment received by the City since the last Payment Date based on the lesser of the current actual Market Value of the Minimum Improvements as determined by the County Assessor or the County Assessor's Market Value of the Minimum Improvements as of the January 2 immediately following the Completion Date. "Party"means the Developer or the City, as the context may require. "Parties"means the Developer and the City. "Payment Date" means each February 1 and August 1, commencing with the first February 1 or August 1 occurring after the date of issuance of a certificate of completion for the shell of the Bluff Block Development; provided, that if any such Payment Date should not be a Business Day, the Payment Date shall be the next succeeding Business Day. • 1674205v8 7