5.1. HRSR 12-06-2004 - Laserfiche WebLink

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EXHIBIT E FORM OF TAX INCREMENT REVENUE NOTE No. R-1 $ UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF SHERBURNE CITY OF ELK RIVER, MINNESOTA TAX INCREMENT REVENUE NOTE, SERIES 200_ (METROPLAINS DEVELOPMENT, LLC PROJECT) The City of Elk River, Minnesota (the "City"), hereby acknowledges itself to be indebted and, for value received, hereby promises to pay the amounts hereinafter described (the "Payment Amounts") to MetroPlains Development, LLC, a Minnesota limited liability company or its registered assigns (the "Registered Owner"), the principal of Dollars ($ ), but only in the manner, at the times, from the sources of revenue, and to the extent hereinafter provided. The principal amount of this Note shall equal from time to time the principal amount stated above, as reduced to the extent that such principal shall have been paid in whole or in part pursuant to the terms hereof. This Note is issued pursuant to that certain Development Agreement, dated as of December , 2004, as the same may be amended from time to time • (the "Development Agreement"), by and between the City and MetroPlains Development, LLC, a Minnesota limited liability company (the "Company"). The unpaid principal amount hereof shall bear simple non-compounding interest from the date the Developer has proved to the City that it has incurred and paid Eligible Costs (as defined in the Development Agreement) in an amount equal to the principal amount of this Note at the rate of six and fifty hundredths percent (6.50%) per annum. Interest shall be computed on the basis of a 360-day year of twelve (12) 30- day months. The amounts due under this Note shall be payable on each February 1 and August 1, commencing with the first February 1 or August 1 occurring after the date of issuance of this Note or, if the first should not be a Business Day (as defined in the Development Agreement)the next succeeding Business Day (each, a "Payment Date"). On each Payment Date, the City shall pay by check or draft mailed to the person that was the Registered Owner of this Note at the close of the last business day preceding such Payment Date an amount equal to the Pledged Tax Increment (as hereinafter defined) received by the City during the six month period preceding such Payment Date. All payments made by the City under this Note shall first be applied to accrued interest and then to principal. If Pledged Tax Increments are insufficient to pay any accrued interest due, such unpaid interest shall be carried forward without interest. The Payment Amounts due hereon shall be payable solely from 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 defined.in the Development • 1674205v8 E-1