7.0. EDSR 05-11-1998 - Laserfiche WebLink

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Sent by: DRB MINNEAPOLIS 6123405584; 05/07/98 12:53; Jej #801 ;Page 9/39 • "Tax Increment Act"means Minnesota Statutes, Section 469.174-469.179, as the same may be amended from time to time. "Tax Increment District" means the Authority's Tax Increment District No. 18 within the Project. "Tax Increment Financing Plan" means the Authority's tax increment financing plan for Tax Increment District No. 18. "Tax Official" means any City or county assessor, County auditor, City, County or State board of equalization,the commissioner of revenue of the State, or any State or federal district court, the tax court of the State, or the State Supreme Court. "Unavoidable Delays" means delays which are the result of acts of God, adverse weather conditions, strikes, other labor troubles, delays in obtaining construction materials, machinery and/or equipment, fire or other casualty to the Minimum Improvements, litigation commenced by third parties which, by injunction or other similar judicial action, results in delays, or acts of any federal, state or local governmental unit (other than the Authority in enforcing its rights under this Agreement)which result in delays. Delays in obtaining financing and delays caused by general market conditions shall not constitute Unavoidable Delays. Upon the occurrence of an Unavoidable Delay, the party seeking to be excused as a result thereof shall be excused for the period of the delay if such • party gives the other party written notice of the cause of the delay or interruption within thirty (30) days after its occurrence. ARTICLE II. Representations Section 2.1 Representations by the Authority. The Authority makes the following representations as the basis for the undertaking on its part herein contained: (a) The Authority is an economic development authority organized and existing under the Laws of Minnesota. Under the laws of the State, the Authority has the power to enter into this Agreement and to perform its obligations hereunder. (b) The Project is a"Development District" and was created, adopted and approved in accordance with the laws of the State. (c) The Development Property is in a "tax increment financing district", which was created, adopted, certified and approved pursuant to the Tax Increment Act. • (d) The Authority will, at no cost to the Authority, cooperate with the Developer with respect to any litigation commenced with respect to the Development Program, Project, or Minimum Improvements. I3eckP 548664.2 4