6.9.B. SR 05-16-2005 - Laserfiche WebLink

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ARTICLE I DEFINITIONS Section 1.1 Definitions. All capitalized terms used and not otherwise defined herein shall have the following meanings unless a different meaning clearly appears from the context: "Acquisition Costs" means all of the costs incurred by the Developer in connection with the acquisition of the Development Property, including but not limited to, the purchase price paid to acquire the Development Property, broker fees, holding costs including interest on debt incurred to finance the acquisition, any taxes, assessments or utilities required to be provided or paid by the Developer as a result. of its acquisition of the Development Property, all costs for appraisers, title work, legal proceedings, and any federal, State or local relocation benefits. "Administrative Expenses" shall have the meaning given such term in the Tax Increment Act. "Affiliate" means any Person directly or indirectly controlling or controlled by or under direct or indirect common control with a Person and any purchaser of all or substantially all of the assets of such Person. For this purpose, "control" means the power to direct management and policies, directly or indirectly, whether through ownership of voting securities, by contract or otherwis~, and the terms "controlling" and "controlled" have correlative meanings. "Agreement" means this Development Agreement as the same maybe from time to time modified, amended or supplemented. "Allowable Profit" means the Profit of the Developer in an amount equal to 1 0% of Total Development Costs with respect to the Bluff Block Housing Project and 10% of Total Development Costs with respect to the portion of the Bluff Block Commercial Project. "Available Ta.:'( Increment" means the Tax Increment received and retained by the City, less the amount of Tax Increment, if any, which the City must pay to the school district, the County and the State pursuant to Minnesota Statutes, Sections 469.177, subds. 9, 10, and 11; 469.176, subd. 4h; and 469.175, subd. la, as the same may be amended from time to time. "Bluff Block Commercial Project" means approximately 10,820 square feet of retail space, together with related parking facilities, to be constructed on the Bluff Block Property. "Bluff Block Development" means the demolition and clearance of the existing structures located on the Bluff Block Property and the construction of the Bluff Block Housing Project and the Bluff Block Commercial Project. "Bluff Block Housing Project" means approximately' 68 units of owner-occupied housing, together with related parking facilities, to be constructed on the Bluff Block Property. "Bluff Block Property" the real property legally described in Exhibit A hereto. 1674205v9 3