8.1 SR 05-17-2021 - Laserfiche WebLink

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ARTICLE I DEFINITIONS Section 1.1. Definitions. All capitalized terms used and not otherwise defined herein shall have the following meanings unless a different meaning clearly appears from the context: Administrative Costs has the meaning set forth in Section 3.3; Affiliate means a corporation, partnership, joint venture, association, business trust or similar entity organized under the laws of the United States of America or a state thereof which is directly controlled by or under common control with the Developer or any other Affiliate. For purposes of this definition, control means the power to direct management and policies through the ownership of at least a majority of its voting securities, or the right to designate or elect at least a majority of the members of its governing body by contract or otherwise; Agreement means this TIF Assistance Agreement, as the same may be from time to time modified, amended or supplemented; Architect means the architect selected by the Developer as the architect for the Project; Business Day means any day except a Saturday, Sunday or a legal holiday or a day on which banking institutions in the City are authorized by law or executive order to close; Certificate of Completion means a Certificate of Completion, a form of which is attached hereto as Exhibit F with respect to each phase of the Project executed by the City and delivered to the Developer pursuant to Section 3.9 hereof; City means the City of Elk River, Minnesota; Completion Date means the date on which the Certificate of Completion with respect to each phase of the Project is executed by the City pursuant to Section 3.9 hereof; Construction Costs means the capital costs of the construction of the Project, including the costs of labor and materials; construction management and supervision expenses; insurance and payment or performance bond premiums; architectural and engineering fees and expenses; property taxes; usual and customary fees or costs payable to the City or any other public body with regulatory authority over construction of the Project (e.g. building permits and inspection fees); the developer fee; and all other costs chargeable to the capital account of the Project under generally accepted accounting principles; Construction Documents means the following documents, all of which shall be in form and substance reasonably acceptable to the City: (a) evidence satisfactory to the City showing that the Project conforms to applicable zoning, subdivision and building code laws and ordinances, including a copy of the building permit for the Project; (b) a copy of the executed standard form of agreement between owner and architect for architectural services for the Project, if any, and (c) a copy of the executed General Contractor’s contract for the Project, if any; 2 EL185-50-718703.v2