8.3 SR 04-04-2022 - Laserfiche WebLink

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ARTICLE I DEFINITIONS Section L L 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 Expenses has the meaning set forth in Section 3.4; Agreement means this TIF Development Assistance Agreement, as the same may be from time to time modified, amended or supplemented; 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; Architect means Douglas A. Moe Architects Incorporated in Elk River, Minnesota; Available Tax Increments means the Tax Increments received by the City less the amount of Tax Increments, if any, which the City must pay to the school district, the County and the State pursuant to the TIF Act including, without limitation, Minnesota Statutes, Sections 469.177, Subds. 9, 10, and 11; 469.176, Subd. 4h; and 469.175, Subd. la, as the same may be amended from time to time; 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 with respect to the Project executed by the City pursuant to Section 3.8; Cily means the City of Elk River, Minnesota; Completion Date means the date on which the Certificate of Completion with respect to the Project is executed by the City pursuant to Section 3.8; 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 shall mean the following documents, all of which shall be in form and substance acceptable to the City: (a) Evidence satisfactory to the City showing that the Project 2 EL185-70-769416.d7