7.1 SR 10-05-2020 - Laserfiche WebLink

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No. R-1 EXHIBIT B Form of TIF Note UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF SHERBURNE CITY OF ELK RIVER, MINNESOTA TAXABLE TAX INCREMENT REVENUE NOTE (SHOOT STEEL, INC. PROJECT) Rate Date of Issuance Principal Amount 4.0% , 20 $190,000 The City of Elk River, Minnesota (the "City"), hereby acknowledges itself to be indebted and, for value received, hereby promises to pay the amounts hereinafter described (the "Payment Amounts") to Moyer Properties, LLC (the "Developer") or its registered assigns (the "Registered Owner"), but only in the manner, at the times, from the sources of revenue, and to the extent hereinafter provided. The principal amount of this Note shall equal from time to time the principal amount stated above, as reduced to the extent that such principal installments shall have been paid in whole or in part pursuant to the terms hereof, provided that the sum of the principal amount listed above shall in no event exceed $190,000 as provided in that certain Tax Increment Development Agreement, dated as of October 5, 2020, as the same may be amended from time to time (the "TIF Agreement"), by and between the City and the Developer. Simple, non - compounding interest shall accrue on the outstanding principal amount of the Note at a rate equal to 4.0% per annum. Interest shall be computed on the basis of a 360 day year of twelve 30-day months. Capitalized terms not otherwise defined herein shall have the meanings set forth in the TIF Agreement. The amounts due under this Note shall be payable on each February 1 and August 1 commencing August 1, 2022 and thereafter to and including February 1, 2031, or, if the first should not be a Business Day (as defined in the TIF Agreement) the next succeeding Business Day (the "Payment Dates"). On each Payment Date the City shall pay by check or draft mailed to the person that was the Registered Owner of this Note at the close of the last business day of the City preceding such Payment Date an amount equal to the Tax Increments (hereinafter defined) received by the City during the 6-month period preceding such Payment Date (or, with respect to the first Note Payment Date, in the period commencing on the date of issuance of the TIF Note through the day prior to the first Note Payment Date). All payments made by the City under this Note shall be applied first to accrued interest and then to principal. This Note is pre- S-2 EL185\61\675612.vl LL185\61\675612.v1