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• SCHEDULE B <br /> $160,000 <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 , or their permitted assigns (collectively, the <br /> "Owner"), solely from the source, to the extent and in the manner hereinafter provided, the <br /> principal amount of this Note, being One Hundred Sixty Thousand Dollars ($160,000.00) (the <br /> "Principal Amount"), on the dates (the "Scheduled Payment Dates") and in the amounts (the <br /> "Scheduled Payment") set forth 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 public redevelopment costs incurred and to be incurred by the Authority within <br /> and for the benefit of its Development District No. 1 (the "Project"). <br /> THIS NOTE IS 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 /> OTHER THAN AVAILABLE TAX INCREMENT,AS DEFINED BELOW. <br /> The Scheduled Payment of this Note due on any Scheduled Payment Date is payable <br /> solely from and only to the extent that the Authority shall have received in the calendar year <br /> preceding such Scheduled Payment Date "Available Tax Increment". For purposes of this Note, <br /> Available Tax Increment with respect to any Scheduled Payment Date is defined as the Tax <br /> 410 BA <br />