5.0. 6.0. 7.0. EDSR 07-12-1999 - Laserfiche WebLink

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FROM GRAY PLANT MOOTY MOOTY & BENNETT (#3) (FRI) 7. 9' 99 9:30/ST. 9:28/NO. 4261218754 P 6 NOW,THEREFORE,in consideration of the premises and the mutual obligations of the • parties hereto, each of them does hereby covenant and agree with the other as follows: ARTICLE I. Definitions Section 1.1 Definitions. In this Agreement, unless a different meaning clearly appears from the context: "Administrative Expenses" means "administrative expenses" as defined in Section 469.174, subdivision 14 of the TIF Act at any time actually incurred by the Authority or the City with respect to the TIF district subject to the tcn percent (10%) statutory maximum provided in Section 469.176,subdivision 3 of the TIF Act. "Agreement" means this Contract for Private Redevelopment as the same may be from time to time modified, amended, or supplemented. "Associated Investors" means Associated Investors of Elk River, Inc., a Minnesota corporation. "Authority" means the Economic Development Authority In and For the City of Elk River,or any successor or assign. S "Available Tax Increments" means that Tax Increment received by Authority which remains available after City and Authority have made payment of all Priority Items, including scheduled payments on all Bonds,Internal Loans or other obligations issued by City or Authority to finance City Public Improvement Costs and qualified redevelopment costs incurred by City and Authority, and have funded the Reserve Requirements for future Bond and Internal Loan payments as provided by this Agreement. "Bonds" means the general obligation bonds to be issued in one or more series by the City to finance the public improvements, including bonds issued to refund bonds, providing that such refunding bonds do not extend maturity of the bonds and that in each year the debt service due on the refunding bonds does not exceed the undefeased debt service on the Bonds. "Building Permit" means a building permit issued pursuant to the requirements of City Code and the Uniform Building Code. "Business Park Developer Agreement" means that certain development agreement between the City and Fischer Sand & Aggregate, LLP, and Elk River Business Park, LLC, providing for the installation of and payment for public improvements on the Business Park Property, and related matters with respect to the Business Park Project. "Business Park Project" means the development of approximately 200,000 square feet, • and the provision for development of an additional 100,000 square feet, of light industrial building space on the Business Park Property, together with all of the roadways, parking -2-