7.1 SR 10-05-2020 - Laserfiche WebLink

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Event of Default means any of the events described in Section 6.1 hereof, Land Acquisition means the acquisition of the Development Property by the Developer from The Economic Development Authority for the City of Elk River, Minnesota; Lease means the lease agreement between the Developer and the Tenant; Legal and Administrative Expenses means the fees and expenses incurred by the City in connection with the adoption and administration of the TIF Plan, the preparation and negotiation of this Agreement, and the issuance of the TIF Note; Minimum Improvements means acquisition, construction and equipping of an approximately 20,000 square foot warehouse facility including 3,000 square feet of office space to be located on the Development Property; Net Proceeds means any proceeds paid by an insurer to the Developer under a policy or policies of insurance required to be provided and maintained by the Developer pursuant to Article V of this Agreement and remaining after deducting all expenses (including fees and disbursements of counsel) incurred in the collection of such proceeds; Note Payment Date means each February 1 and August 1, commencing on August 1, 2022 and thereafter to and including the Termination Date; provided, that if any such Note Payment Date should not be a Business Day, the Note Payment Date shall be the next succeeding Business Day; Site Improvements means excavation, grading, filling, site development, curb and gutter, utility improvements and extensions, access and parking preparations to be undertaken by the Developer on the Development Property and any other improvements reimbursable with Tax Increments in accordance with the TIF Act determined in the sole discretion of the City; State means the State of Minnesota; Tax Increments means 90% of the tax increments derived from the Development Property which have been received and retained by the City in accordance with the provisions of the TIF Act, including without limitation Minnesota Statutes, Section 469.177, as amended; Tenant means Shoot Steel, Inc., a Minnesota corporation, its successors and assigns; Termination Date means the earlier of (i) February 1, 2031, (ii) the date the TIF Note is paid in full, (iii) the date on which the TIF District expires or is otherwise terminated, or (iv) the date this Agreement is terminated or rescinded in accordance with its terms; TIF Act means Minnesota Statutes, Sections 469.174 through 469.1794, as amended; TIF District means Tax Increment Financing (an Economic Development District) District No. 26 (Shoot Steel, Inc. Project), located within the Development District, which was qualified as an economic development district under the TIF Act; 3 LL185\61\675612.v1