7.1. SR 04-26-1993 - Laserfiche WebLink

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. . . '. to the security interest of Bankin the collateral which secures a present debt of approximately "Completion Date" means the earliest of the following: (i) the date that the Developer gives the City notice that the Developer does not intend to draw any further Loan funds from the City; (ii) the date that Developer has purchased all of the equipment to be purchased with Loan funds; (iii) the date all of the Loan funds are disbursed by Developer; or (iv) December 31, 1994. "Developer" shall mean Tescom Corporation, Inc. "Development Property" means the real property described as Lot 8, Block 1, Elk River Industrial Park. "Grant Agreement" means Minnesota Department of Trade and Economic Development Grant Agreement #CDAP-92-0113-H-FY93. "Grantor Agency" means Minnesota Department of Trade and Economic Development. "Leverage Funds" means the funds provided by or for the account of the Developer pursuant to Section 2.1. ,- "Loan" shall have the meaning set forth in Section 2.2 hereof. "Note" means the Mortgage Note of even date herewith from the Developer in favor of the City in the original principal amount of $250,000, evidencing the Loan. "Project" means an approximately 30,000 square foot industrial building to be constructed and equipped on the Development Property, as generally described in the application for SCDP funding which resulted in the Grant Agreement. "State" means the State of Minnesota. "SCDP" means Minnesota Small Cities Development Program. "SCDP Application" means the application dated July 28, 1992 for SCDP funding that resulted in the Grant Agreement. ARTICLE 2 Financing for Projects SECTION 2.1. DEVELOPER'S EQUITY AND OTHER FINANCING. The Developer shall commit not less than $60,000 of equity through Tax Increment Financing and $1,500,000 of other financing to be used for the completion of the project development. 2.