5.1. HRSR 12-06-2004 - Laserfiche WebLink

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"Tax Increment Plan" means that certain Tax Increment Financing Plan, as amended, for the Tax Increment District approved by the City Council. "Tax Official" means any City or County assessor; County auditor; City, County, or State board of equalization; the Commissioner of Revenue of the State; or any State or Federal district court, the Tax Court of the State, or the State Supreme Court. "TIF Act" means Minnesota Statutes, Sections 469.174-469.1799, as amended, or any successor statutes. "Title Company" means a title company mutually acceptable to the City and the Developer. "Total Development Costs" means the sum of the following costs set forth on Exhibits I, J and K,and specifically excludes the Parking Lot Cost (as defined in Section 5.9): (i) Construction. Costs, excluding any costs attributable to Owner Upgrades; (ii) Acquisition Costs; (iii) Architectural, engineering, legal, accounting and other professional services fees, including but not limited to those for surveying, appraisal, financial advisory, market feasibility, environmental and geotechnical testing and correction, title, marketing, management services costs, registered land survey costs and any other soft costs of construction (but excluding any Developer's Overhead Costs); • (iv) Marketing costs, reasonable broker's commissions and marketing fees in an aggregate amount up to 6% of Sale Proceeds, to the extent actually paid to a Person or entity other than the Developer or an Affiliate of the Developer, usual and customary closing costs and credits, including, but not limited to title charges, survey costs, escrow charges, recording fees, transfer taxes and reasonable attorneys' fees, special assessments required to be paid as a condition of Sale, and reasonable prorations in favor of the purchasers for real estate taxes not yet due and payable, if any, and other soft costs of Sales, excluding any costs attributable to Owner Upgrades; (v) Developer's Overhead Costs and soft costs of operations; (vi) Construction Loan interest; (vii) Title and Construction Loan closing costs; (viii) Construction supervision by third parties, provided that if performed by the Developer or an Affiliate the amount thereof considered a Total Development Cost shall not exceed (i) 10% of Total Development Costs with respect to the Bluff Block Housing Project; (ii) 10% of Total Development Costs with respect to the Bluff Block Commercial Project; (iii) 10% of Total Development Costs with respect to the Jackson Block Housing Project and (iv) 10% of Total Development Costs with respect to the Jackson Block Commercial Project; • 16742O5v8 10