Laserfiche WebLink
<br />governmental entity and any other sources of funding for the Minimum Improvements as set <br />forth in the Sources and Uses Statement. <br /> <br />"Jackson Block Assessment A!!reement" means the a!!reement. in the form of the <br />a!!reement contained in Exhibit 0 attached hereto and made a Dart of this A!!reement. <br />between the DeveloDer and the Citv and includin!! the attached certification bv the <br />Assessor for the Countv. entered into Dursuant to Section 6.6 of this A!!reement: <br /> <br />"Jackson Block Minimum Market Value" means the a!!reed minimum market value <br />of the DeveloDment ProDertv and the Proiect for calculation of real DrODertv taxes as <br />det~rmined bv the assessor for the Countv of not less than $ as of .Januarv 2. <br />200 <br /> <br />"Jackson Block Commercial Project" means approximately 13,000 square feet of retail <br />space, together with related parking facilities, to be constructed on the Jackson Block Property. <br /> <br />"Jackson Block Development" means the demolition and clearance of the existing <br />structures located on the Jackson Block Property and the construction of the Jackson Block <br />Housing Project and the Jackson Block Commercial Project. <br /> <br />"Jackson Block Housing Project" means approximately 32 units of rental housing, <br />together with related parking facilities, to be constructed on the Jackson Block Property. <br /> <br />"Jackson Block Property" means the real property legally described in Exhibit B hereto. <br /> <br />"Lender" means any financial institution to which the Developer assigns its rights to <br />payments under the Tax Increment Revenue Note. <br /> <br />"Market Value" or "Market Valuation" means the market value of real property as <br />determined by the assessor of the County in accordance with Minnesota Statutes, Section 273.11 <br />(or as finally adjusted by any assessor, board of equalization, commissioner of revenue, or any <br />court). <br /> <br />"Minimum Impr.ovements" means the Bluff Block Development and the Jackson Block <br />Development. <br /> <br />"Owner Upgrades" means any improvements or upgrades in materials used in the <br />construction of a housing unit selected by the purchaser of such housing unit from the list <br />attached hereto as Exhibit PO. <br /> <br />"Parking Lot" means the parking lot to be constructed by the City on King Avenue in <br />connection with the construction of the Minimum Improvements. <br /> <br />"Parking Lot Cost" means the cost of the Parking Lot as determined by the City based <br />on the awarded construction contract, third party engineering fees, contingencies and other <br />ordinary costs of construction. The amount of the Parking Lot Cost vfill not exceed $350,000 <br />unless the City and the Developer have agreed in \witing.is $237.000. <br /> <br />1824344vRED V2 to VI; 10/12/05 <br /> <br />7 <br />