Laserfiche WebLink
"Tax Increment" means that portion of the real property taxes paid with <br /> respect to the Development Property and Minimum Improvements which is <br /> remitted to the Authority as tax increment pursuant to the Tax Increment Act. <br /> "Tax Increment Act" means Minnesota Statutes, Section 469.174-469.179, as <br /> the same may be amended from time to time. <br /> "Tax Increment District" means the Authority's Tax Increment District No. <br /> 20 within the Project. <br /> "Tax Official" means any City or county assessor, County auditor, City, <br /> County or State board of equalization, the commissioner of revenue of the State, or <br /> any State or federal district court, the tax court of the State, or the State Supreme <br /> Court. <br /> "Unavoidable Delays" means delays which are the result of acts of God, <br /> adverse weather conditions, strikes, other labor troubles, delays in obtaining <br /> construction materials, machinery and/or equipment, fire or other casualty to the <br /> Minimum Improvements, litigation commenced by third parties which, by <br /> injunction or other similar judicial action, results in delays, or acts of any federal, <br /> state or local governmental unit (other than the Authority in enforcing its rights <br /> • under this Agreement) which result in delays. Delays in obtaining financing and <br /> delays caused by general market conditions shall not constitute Unavoidable <br /> Delays. Upon the occurrence of an Unavoidable Delay, the party seeking to be <br /> excused as a result thereof shall be excused for the period of the delay if such party <br /> gives the other party written notice of the cause of the delay or interruption within <br /> thirty (30) days after its occurrence. <br /> ARTICLE II. <br /> Representations <br /> Section II.1 Representations by the Authority. The Authority makes the <br /> following representations as the basis for the undertaking on its part herein <br /> contained: <br /> (a) The Authority is an economic development authority organized and <br /> existing under the Laws of Minnesota. Under the laws of the State, the Authority <br /> has the power to enter into this Agreement and to perform its obligations <br /> hereunder. <br /> 4111 (b) The Project is a "Development District" and was created, adopted and <br /> approved in accordance with the laws of the State. <br /> 4 <br /> BeckP 548540.1 <br />