Laserfiche WebLink
FROM GRAY PLANT MOOTY MOOTY & BENNETT (#3) (FRI) 7, 9' 99 9:31/ST. 9:28/NO, 4261218754 P 8 <br /> "Initial Payment" means the initial reimbursement payment to be made to Redeveloper <br /> • upon completion of the Initial Improvements. <br /> "Internal Loan" shall mean internal transfers of funds within and between City and <br /> Authority to fund Public Improvement Costs. <br /> "Job Performance Agreement" means the agreement in the form of Exhibit D attached <br /> hereto to be entered into between the Authority and the Redeveloper pursuant to Section 4.1(b) <br /> of this Agreement. <br /> "Maturity Date" means the date on which the Authority's payment obligations under the <br /> Note terminate. <br /> "Minimum Improvements" means the construction by Redeveloper of the Initial <br /> Improvements and completion of the Business Park Project in accordance with the definitions, <br /> Development Schedule and other requirements set forth in this Agreement. <br /> "Mortgage"means any mortgage obtained by the Redeveloper which is secured, in whole <br /> or in part,by the Redevelopment Property,and which is a permitted encumbrance pursuant to the <br /> provisions of Article VII of this Agreement. <br /> "Note" means the Authority's limited revenue tax increment note to be issued by the <br /> Authority to the Redeveloper pursuant to Article III of this Agreement to reimburse the <br /> • Redeveloper for its payment of Reimbursable Redevelopment Costs. <br /> "Parties"means all of the parties to this Agreement,as set forth herein. <br /> "Party"means any of the Parties. <br /> "Priority Items" means those obligations of the Authority and City which take priority <br /> over Note payments, as provided by this Agreement. <br /> "Project" means the activities of the Authority within the Project Area within <br /> Development District No. 1. <br /> "Project Area" means the real property located within the boundaries of Development <br /> District No. 1. <br /> "Public Improvement Costs" means the costs to be incurred by the City for public <br /> improvements necessary within and for the benefit of the TIF District. <br /> "Redeveloper"means Associated Investors of Elk River, Inc., Fischer Sand &Aggregate, <br /> LLP, and Elk River Business Park, LLC, collectively, or their successors, executors, <br /> representatives or assigns, or any future owners of all or any portion of the Development. <br /> "Redevelopment Property" means the real property described on Exhibit A to this <br /> • <br /> Agreement,on which Redeveloper will construct the Shopping Center Project. <br /> -4- <br />