5.1. SR 10-17-2005 - Laserfiche WebLink

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"Bluff Block Development" means the demolition and clearance of the existing structures located on the Bluff Block Property and the construction of the Bluff Block Housing Project and the Bluff Block Commercial Project. "Bluff Block Housing Project" means approximately 68 units of owner-occupied housing, together with related parking facilities, to be constructed on the Bluff Block Property. "Bluff Block Property" the real property legally described in Exhibit A hereto. "Bluff Block Minimum Market Value" means the al!reed minimum market value of the Develooment Prooertv and the Proiect for calculation of real orooertv taxes as determined bv the assessor for the Countv of not less than $ as of Januarv 2.200 "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. "Cash Flow Determination Date" means the first day of the first month that is sixty (60) days. after both the Bluff Block Development and the Jackson Block Development are 80% leased and/or sold or such earlier date as the City may require. "Cash Flow Statement" means the cash flow statement provided by the Developer pursuant to Section 5.3 and to be attached as Exhibit GN hereto in substantially the form and content as set forth in Exhibit NM hereto, prepared by the Developer setting forth (with respect to units for which leases have been signed) or forecasting (with respect to units for which leases have not yet been signed; provided the Developer may assume up to 7% vacancy) the income, expenses and debt with respect to the Jackson Block Commercial Project and the Jackson Block Housing Project for the first fiscal year commencing on or after the Cash Flow Determination Date. "Certificate of Completion" means the certificate in substantially the form attached hereto as Exhibit D signed by the City Representative certifying completion of the Development. "City" means the City of Elk River, Minnesota, its successors and assigns. "City Acquisition Costs" means all costs, expenses, fees and charges incurred by the City associated with the acquisition by the City of the Bluff Block Property including, but not limited to, payments for just compensation, court filing fees, court-appointed commissioners' fees, appraisal fees and expenses, consultant fees and expenses, attorneys' fees and costs, Relocation Costs and Expenses fees for service of process and any other cost, expense, fee and/or charge associated with the acquisition of the Bluff Block Property. "City Council" means the City Council of the City. "City Documents" means the documents to be executed and/or delivered by the City at the Closing pursuant to Section 3.7(b) of this Agreement. "City Representative" means the Administrator of the City or his or her designee. 1824344vRED V2 to VI; 10/12/05 4