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

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FROM GRAY PLANT MOOTY MOOT? & BENNETT (#3) (FRI) 7. 9' 99 9:32/ST. 9:28/NO, 4261218754 P 9 "Reimbursable Redevelopment Costs" means the costs to be paid by the Authority, • through the issuance of the Note,pursuant to Article 111 of this Agreement. "Reimbursements" means the Initial Payment and subsequent payments made under the Note to reimburse Redeveloper for Reimbursable Redevelopment Costs as provided in Article III of this Agreement. "Reserve Requirements" means, as of any payment date, the amount of regularly scheduled debt service due on the Bonds and the Internal Loans in that year. "Shopping Center Developer Agreement" means that certain development agreement between the City and Associated Investors providing for the installation of and payment for public improvements on the Shopping Center Property, and related matters with respect to the Shopping Center Project. "Shopping Center PUD Agreement" means that certain Planned Unit Development Agreement between the City and Associated Investors respecting development of the Shopping Center Project. "Shopping Center Project" means the development of approximately 250,000 square feet of commercial/retail building space on the Shopping Center Property, together with all of the roadway,parking facilities, walks, landscaping,utilities and other onsite improvements necessary in connection with and in order to facilitate development of the Shopping Center Property. "Shopping Center Property" means the real property described on Exhibit A to this Agreement,on which Redeveloper will develop the Shopping Center Project. "Special Assessments" means the special assessments to be levied pursuant to the Business Park Developer Agreement and the Shopping Center Developer Agreement. "State"means the State of Minnesota. "Tax Increment" means those tax increments from the Redevelopment Property which the authority shall be entitled to receive and retain, and which the authority shall have actually received, from Sherburne County from the TIF District pursuant to the TIF Act with respect to the property taxes payable in the years 2002 through 2027 inclusive, minus all Administrative Expenses; as required by Minnesota Statutes, Section 469.174, subdivision 25(4). Tax increments(including increments held as part of the Reserve Requirements) shall also include all interest and investment earnings thereon. "Tax Increment Act" means Minnesota Statutes, Sections 469.174 to 469.179, as the same may be amended from time to time. "Tax Increment District"means the Authority's Tax Increment District No. 19 within the Project. • -5-