5.1. HRSR 12-06-2004 - Laserfiche WebLink

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r "SAC and WAC" means the sewer access charges and water access charges with respect to the Development Property in conu�nection with the Minimum Improvements. "Sale" means any sale, direct or indirect, conveyance, assignment, transfer, exchange or other disposition of all or a part of the Developer's interest in the units of the Bluff Block Development, to any Person other than an Affiliate. "Sale Proceeds" means any and all consideration of any kind whatsoever, whether direct or indirect, that is received by the Developer (or any other party that is an Affiliate of the Developer other than broker's commissions and marketing fees in the aggregate amount of 6% of the Sale price for each unit of the Bluff Block Housing Project paid to the Condominium Developer or an owner or member of the Condominium Developer) for, or in connection with, the Sale of the units in the portion of the Development in which units are sold and not leased, excluding any amounts paid with respect to Owner Upgrades and including without limitation, the stated purchase prices, cash, notes, and any indebtedness assumed and/or to which the units in such portion of the Development are then subject, reimbursement of prepaid expenses, contracts for the Developer's service and the service of an Affiliate of the Developer and noncustomary net prorations in favor of the Developer. Notwithstanding the foregoing, if the sale of a unit in such portion of the Development is other than an arms-lengths sale to a third party, at the option of the City, Sale Proceeds with respect to such sale shall mean the Fair Market Value of the`transferred property less all disposition expenses reasonably approved by the City. i "Sources and Uses Statement" means the statement provided by the Developer pursuant to Section 5.3 and to be attached as Exhibit K hereto in substantially the forni and content as set forth in Exhibit I hereto, prepared by a firm of certified public accountants reasonably acceptable - to the City calculating the Total Development Costs and determining the final sources of Funding, which shall detail all actual sources and uses of funds associated with each portion of the Minimum Improvements and calculate the amount of any Excess Funding. "State"means the State of Minnesota. "Targeted Return" means the Rate of Return of the Developer equal to 12%with respect to the Jackson Block Commercial Project to the extent leased and not sold. "Tax Increment" means that portion of the real property taxes generated by the Development Property and the Minimum Improvements which is actually remitted and retained by the City as tax increment under the TIF Act. "Tax Increment District" means the tax increment district commonly referred to as the Downtown Phase I Tax Increment Financing District No. 22, as the same is amended from time to time. "Tax Increment Revenue Note" or "Note" means the tax increment revenue note, in - substantially the form attached hereto as Exhibit E hereto to be issued by the City pursuant to the • provisions of Section 5.2 hereof. 1674205v8 9