4.6. SR 08-28-2000 - Laserfiche WebLink

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DEVELOPMENT ASSISTANCE AGREEMENT THIS AGREEMENT is dated as of August 28, 2000; is by and between the City of Elk River, Minnesota and Opus Northwest, L.L.C., a Delaware limited liability company, and is subscribed in part, as described in Section 6.4(b) hereof, by SoftPac, Inc., a Minnesota corporation; and provides as follows: ARTICLE I Definitions Section 1.1. Definitions As used in this Agreement, the following terms have the following respective meanings: "Administrative Expenses" means "administrative expenses," as defined in Section 469.174, Subdivision 14, of the TIF Act, at any time actually incurred by the City with respect to the TIF District, subject to the 10% statutory maximum provided in Section 469.176, Subdivision 3, of the TIF Act. "Agreement" means this Development Assistance Agreement, as the same may be amended. "City" means the City of Elk River, Minnesota. "Company" means Opus Northwest, L.L.C., a Delaware limited liability company, or permitted successors or assigns. "Development Costs" means the Company's allocable costs of acquiring the Development Property (and no other property), as further specified in and limited by Section 3.2(b) . All Development Costs must be costs of such property acquisition of the Development Property. "Development Property" means the real property described in Exhibit A of this Agreement, being the property comprising the TIF District, as originally established. "Event of Default" means an event of default defined in Section 4.1 of this Agreement. "Improvements" means the approximately 73,000 square foot manufacturing/packaging/warehousing/distribution facility to be constructed by the Company on the Development Property, including all utility, site improvement, parking and related improvements on the Development Property. "Party" means either the Company or the City. "Parties" means the Company and the City. ~8072.2 1