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FROM GRAY PLANT MOOTY MOOTY & BENNETT (#3) (FRI) 7. 9' 99 9:43/ST. 9:28/NO. 4261218754 P 35 <br /> • EXHIBIT B <br /> UNITED STATES OF AMERICA <br /> STATE OF MINNESOTA <br /> COUNTY OF SHERBURNE <br /> ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR <br /> THE CITY OF ELK RIVER <br /> LIMITED REVENUE TAX INCREMENT NOTE <br /> The Economic Development Authority In and For the City of Elk River, Minnesota (the <br /> "Authority"), hereby acknowledges itself to be indebted and, for value received, promises to pay <br /> to the order of Associated Investors of Elk River, Inc., a Minnesota corporation, or their <br /> permitted assigns (collectively, the "Owner"), solely from the source, to the extent and in the <br /> manner hereinafter provided, the principal amount of this Note,being no more than Two Million <br /> Five Hundred Eleven Thousand and no/100 Dollars ($2,511,000.00) (the "Principal Amount") <br /> together with simple, non-compounded interest from the date of issuance of this Note at the rate <br /> of eight percent (8%) per annum, on the dates (the "Scheduled Payment Dates") and in the <br /> amounts (the "Scheduled Payment") set forth as "Developer Payment" on the payment schedule <br /> attached hereto as Exhibit B. <br /> Each payment on this Note is payable in any coin or currency of the United States of <br /> America which on the date of such payment is legal tender for public and private debts and shall <br /> • be made by check or draft made payable to the Owner and mailed to the Owner at its postal <br /> address within the United States which shall be designated from time to time by the Owner. <br /> The Note is a special and limited obligation and not a general obligation of the Authority, <br /> which has been issued by the Authority pursuant to and in full conformity with the Constitution <br /> and laws of the State of Minnesota, including Minnesota Statutes, Section 469.178, subdivision <br /> 4, to aid in financing a "project", as therein defined, of the Authority consisting generally of <br /> defraying certain redevelopment costs incurred and to be incurred within and for the benefit of <br /> Authority's Development District No. 1 (the"Project"). <br /> This Note is the "Note" described and defined in that certain Contract for Private <br /> Redevelopment dated as of , as the same may be amended from time to <br /> time, (the "Redevelopment Agreement"), between the Authority and Associated Investors of Elk <br /> River, Inc., Fischer Sand & Aggregate, LLP, and Elk River Business Park, LLC, as the <br /> Redeveloper under the Redevelopment Agreement. Each capitalized term which is used but not <br /> otherwise defined in this Note shall have the meaning given to that term in the Redevelopment <br /> Agreement. <br /> THIS NOTE 1S NOT A DEBT OF THE CITY OF ELK RIVER OR THE STATE <br /> OF MINNESOTA (THE "STATE"), AND NEITHER THE CITY, THE STATE NOR <br /> ANY POLITICAL SUBDIVISION THEREOF SHALL BE LIABLE ON THE NOTE, <br /> NOR SHALL THIS NOTE BE PAYABLE OUT OF ANY FUNDS OR PROPERTIES <br /> B-1 <br />