8.3 SR 04-04-2022 - Laserfiche WebLink

Home Browse Search

Public Development Costs means the Public Development 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) $968,000 or (ii) the Public Development Costs actually incurred and paid by the Developer as determined by the City in accordance with Section 3.2 hereof, Site Plan means the site plan prepared for the Development Property and attached hereto as Exhibit J; State means the State of Minnesota; Tax Increments means the tax increments actually derived from the Development Property and the improvements thereon which have been received and are permitted to be retained by the City in accordance with the TIF Act including, without limitation, Minnesota Statutes, Section 469.177, as amended as determined by the City in its sole and absolute discretion; Act; Termination Date means the date the TIF District is terminated in accordance with the TIF TIF Act means Minnesota Statutes, Sections 469.174 through 469.1794, as amended; TIF District means the Tax Increment Financing District (Housing) No. 28 (Jackson Hills Apartments Phase II Housing Project) consisting of the property legally described in Exhibit A attached hereto, which was established as a housing district under the TIF Act; TIF Note means the Taxable Tax Increment Revenue Note (Jackson Hills Phase II Housing Project) to be executed by the City and delivered to the Developer pursuant to Article III hereof, a form of which is attached hereto as Exhibit D; TIF Plan means the tax increment financing plan approved for the TIF District; Total Development Costs means the costs of the Project as set forth on Exhibit H; and Unavoidable Delays means delays, outside the control of the party claiming their occurrence, which are the direct result of strikes, other labor troubles, unusually severe or prolonged bad weather, acts of God, acts of war or terrorism, fire or other casualty to the Project, litigation commenced by third parties which, by injunction or other similar judicial action or by the exercise of reasonable discretion, directly results in delays, or acts of any federal, state or local governmental unit (other than the City) which directly result in delays, acts of the public enemy or acts of terrorism and discovery of unknown hazardous materials or other concealed site conditions or delays of contractors due to such discovery. 4 EL185-70-769416.d7