5.1. HRSR 12-06-2004 - Laserfiche WebLink

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"Person" means any individual, corporation, partnership, joint venture, limited liability company or partnership, association, trust, unincorporated organization, or government, or any • agency or political subdivision thereof. "Placement Agent" means any underwriter or placement agent, cooperatively selected by the City and the Developer, which assists the Developer in placing the Tax Increment Revenue Note with a Lender. "Pledged Tax Increment" means, as of any Payment Date, 89% 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. "Profit" means the amount by which Sales Proceeds exceed Total Development Costs of the portion of the Development in which units are sold and not leased; provided that if the Profit Determination Date is prior to the date of the Sale of the last unit to be sold the Developer shall forecast Profit with respect to units which have not yet been sold based on projected Sales prices of remaining units and in forecasting such Profits. "Profit Determination Date" means the first day of the first month that is sixty (60) days after both the Bluff Block Development and the Jackson Block Development are 80% leased and/or sold or such earlier date as the City may require. • "Profit, Statement" means the profit analysis provided by the Developer pursuant to • Section 5.3 and to be attached as Exhibit M hereto in substantially the form and content as set forth in Exhibit L hereto, prepared by a firm of certified public accountants reasonably acceptable to the City calculating the Profit, which shall detail all actual sources and uses of funds associated with the portion of the Development in which units are sold and not leased and which shall specifically include a schedule showing any return of equity and distribution of Profit to the Developer. "Rate of Return" means (i) the annual "Cash Flow after Financing" for the first fiscal year commencing on or after the Cash Flow Determination Date as set forth in the Cash Flow Statement divided by (ii) the "Developer Equity" as set forth in the Sources and Uses Statement with respect to the Jackson Block Commercial Project to the extent leased and not sold. • • "Refunding Bonds" means any tax increment revenue bonds issued by the City pursuant to Section 5.8 hereof. "Reimbursement Amount" means the Reimbursement Amount as defined in Section 5.2(a). "Relocation Costs and Expenses" means any and all relocation assistance, services, benefits or payments made under 42 U.S.C. § 4601, et. seq., 49 C.F.R. § 24.1 et. seq, and Minnesota Statutes. Chapter 117. • 1674205v8 / 8