5.1. SR 10-17-2005 - Laserfiche WebLink

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"Closing" means the closing on the conveyance of the Jackson Block Property by the City to the Developer. "Closing Date" means the date on which the City conveys the Jackson Block Property to the Developer, which date shall be the date the Developer closes on the Construction Loan, or such later date mutually agreed to by the Parties. "Completion Date" means the date the Certificate of Completion is executed by the City Representative or, with respect to each component or unit of the Minimum Improvements, the date that a comparable certificate of completion is executed with respect to such component or unit. "Condominium Developer" means Bluff Block, LLC, an affiliate of the Developer, its successors and assigns. "Construction Costs" means the capital costs of the construction of the Minimum Improvements, including, but not limited to, the costs of labor and materials; construction management and supervision expenses; insurance and payment or performance bond premiums; architectural and engineering fees and expenses; usual and customary fees or costs payable to the City or any other public body with regulatory authority over construction of the Development (e.g. building permits and inspection fees); and all other costs chargeable to the capital account of the Development under generally accepted accounting principles, excluding Developer's Overhead Costs. "Construction Loan" means the construction loan or loans to be made. by the Construction Lender to provide financing for the construction of Minimum Improvements. "Construction Lender" means a financial institution selected by the Developer. "Construction Plans" means the plans, specifications, drawings and related documents for the construction of the Minimum Improvements which shall be as detailed as the plans, specifications, drawings and related documents which are submitted to the building inspector of the City. . "County" means Sherburne County, Minnesota. "Debt Service Coverage Ratio" means the ratio determined by dividing the estimated annual amount of Pledged Tax Increment to be received in a calendar year by the maximum amount of principal and interest due in any calendar year. "Deed" means the quit claim deed executed by the City conveying the Jackson Block Property to the Developer, in the form attached hereto as Exhibit C. "Developer" means MetroPlains Development, LLC, a Minnesota limited liability company, its successors or assigns. "Developer Event of Default" means the occurrence of an Event of Default set forth in Section 9.2 hereof. 1824344vRED V2 to VI; 10/12/05 5