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No. R-1 <br />EXHIBIT D <br />FORM OF PHASE ONE TAXABLE TIF NOTE <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF SHERBURNE <br />CITY OF ELK RIVER, MINNESOTA <br />TAXABLE TAX INCREMENT REVENUE NOTE <br />(DELTA APARTMENTS PHASE I PROJECT) <br />,20 <br />The City of Elk River, Minnesota (the "City"), hereby acknowledges itself to be indebted <br />and, for value received, hereby promises to pay the amounts hereinafter described (the "Payment <br />Amounts") to Steneweed Develepment LLGThe Delta Apartments L.L.C., a Minnesota <br />limited liability company or its registered assigns (the "Registered Owner"), the principal <br />amount of ($..... J, but only in the manner, at the times, from the sources of <br />revenue, and to the extent hereinafter provided. <br />This Note is issued pursuant to that certain TIF Assistance Agreement, dated as of <br />, 2021, as the same may be amended from time to time (the "TIF Assistance <br />Agreement"), by and between the City and Steneweed Develepment bbGThe Delta Apartments <br />L.L.C. (the "Developer"). Unless otherwise defined herein or unless context requires otherwise, <br />undefined terms used herein shall have the meanings set forth in the TIF Assistance Agreement. <br />The outstanding and unpaid principal amount of this Note shall not bear interest. <br />The amounts due under this Note shall be payable on August 1, 24242024 and on each <br />February 1 and August 1 thereafter to and including the earliest of (i) the date on which the entire <br />principal on the TIF Note has been paid in full; or (ii) February 1, 2043; or (iii) any earlier date <br />the TIF Assistance Agreement or this Note is cancelled in accordance with the terms of the TIF <br />Assistance Agreement or deemed paid in full; or (iv) the February 1 following the date the TIF <br />District is terminated in accordance with the TIF Act (the "Final Payment Date") or, if the first <br />should not be a Business Day (as defined in the TIF Assistance Agreement) the next succeeding <br />Business Day (collectively, the "Payment Dates"). On each Payment Date, the City shall pay by <br />check or draft mailed to the person that was the Registered Owner of this Note at the close of the <br />last business day preceding such Payment Date an amount equal to 90% of the Tax Increments <br />(as defined in the TIF Assistance Agreement) received by the City during the 6-month period <br />preceding such Payment Date ("Pledged Tax Increments"). <br />Payments on this Note shall be payable solely from the Pledged Tax Increments. <br />D-1 <br />EL185-50-718703.v2 <br />