8.1 SR 05-17-2021 - Laserfiche WebLink

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Phase Two Payment Date means August 1, 2025 and each February 1 and August 1 thereafter to and including the Phase Two Final Payment Date; provided, that if any such Phase Two Payment Date should not be a Business Day, the Phase Two Payment Date shall be the next succeeding Business Day; Phase Two Project means the construction of a second approximately 90-unit multifamily housing building and related amenities on the Development Property; Phase Two TIF Note means the Taxable Tax Increment Revenue Note (Delta Apartments Phase Two Project) to be executed by the City and delivered to the Developer pursuant to Article III hereof, a form of which is set forth in Exhibit E attached hereto; Pledged Tax Increments means for any 6-month period, 90% of the Tax Increments received by the City since the previous Phase One Payment Date or Phase Two Payment Date, respectively; Project means, collectively, the Phase One Project and the Phase Two Project; Public Development Costs means the public redevelopment costs of the Project identified on Exhibit C attached hereto and any other cost incurred by the Developer, or its assigns, that the City determines is eligible for reimbursement with Pledged Tax Increments; Reimbursement Amount means the lesser of (i) $3,316,424 with respect to the Phase One Project and $3,316,424 with respect to the Phase Two Project; or (ii) the Public Development Costs actually incurred and paid by the Developer; Site Plan means the site plan prepared for the Development Property approved by the City; State means the State of Minnesota; Tax Increments means the tax increments derived from the Development Property and the improvements thereon which have been received and are permitted to be retained by the City as determined in its sole discretion in accordance with the TIF Act including, without limitation, Minnesota Statutes, Section 469.177; Section 469.176, Subd. 4h; and Section 469.175, Subd. 1a, or otherwise pursuant to the Tax Increment Act as the same may be amended from time to time; Termination Date means the later of the Phase One Final Payment Date or the Phase Two Final Payment Date; TIF Act means Minnesota Statutes, Sections 469.174 through 469.1794, as amended; TIF District means Tax Increment Financing (Redevelopment Development) District No. 27 (Delta Apartments Project), a redevelopment tax increment financing district, consisting of the property described in Exhibit A attached hereto, which was established as a redevelopment district under the TIF Act; TIF Notes means, collectively, the Phase One TIF Note and the Phase Two TIF Note; 4 EL185-50-718703.v2