Laserfiche WebLink
NOW, THEREFORE, in consideration of the premises and the mutual obligations of the <br />parties hereto, each of them does hereby covenant and agree with the other as follows: <br />ARTICLE I <br />DEFINITIONS <br />Section 1.1 Definitions. All capitalized terms used and not otherwise defined herein <br />shall have the following meanings unless a different meaning clearly appears from the context: <br />Agreement means this Tax Increment Development Agreement, as the same may be from <br />time to time modified, amended or supplemented; <br />Benefit Date means the date on which a certificate of occupancy is issued by the City for <br />the Minimum Improvements; <br />Business Day means any day except a Saturday, Sunday or a legal holiday or a day on <br />which banking institutions in the City are authorized by law or executive order to close; <br />Business Subsidy Law means Minnesota Statutes, Sections 116J.993 to 116J.995, as <br />amended, in effect as of the date hereof, <br />City means the City of Elk River, Minnesota; <br />Condemnation Award means any compensation for a condemnation or transfer in relation <br />to the exercise of a power of eminent domain; <br />Construction Plans means the plans, specifications, drawings and related documents of <br />the construction work to be performed by the Developer on the Minimum Improvements and the <br />Development Property and the plans (a) shall be as detailed as the plans, specifications drawings <br />and related documents which are submitted to the building inspector of the City; (b) shall include <br />at least the following: (1) site plan; (2) foundation plan; (3) basement plans; (4) floor plan for <br />each floor; (5) cross sections of each (length and width); (6) elevations (all sides); (7) grading <br />and drainage; and (8) landscape; and (c) shall be approved by the City in connection with the <br />issuance of a building permit for the Minimum Improvements; <br />CoqM means Sherburne County, Minnesota; <br />Developer means Moyer Properties, LLC, a Minnesota limited liability company, its <br />successors and assigns; <br />Development District means Development District No. 1, as amended; <br />Development Program means the Development Program for the Development District, as <br />amended; <br />Development Property means the real property located at 17565 Tyler Street NW in the <br />City and legally described in Exhibit A attached to this Agreement; <br />2 <br />LL185\61\675612.v1 <br />