CCP 06-02-2014 - Laserfiche WebLink

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"Plan" means, collectively, the Tax Increment Plans adopted by the City in connection with the creation of the Tax Increment District and the Subdistrict and the Program adopted by the City in connection with the creation of the Development District. "Preliminary Plans" means floor plans and sketches of the typical exterior and interior of the proposed Minimum Improvements which illustrate the size and character of the proposed improvements. "Program" means the Restated Development Program adopted by the City in connection with the creation of the Development District. "Prohibition Against Tax Exemption" means the prohibition against tax exemption substantially in the form of Exhibit G. "Project" shall refer collectively to the Redevelopment Property, the Option Property and the Minimum Improvements. "Public Improvements" means the public improvements described on Exhibit F to be constructed by the Redeveloper. "Purchase Price" means a total purchase price of $500,000 which shall be payable at Closing. "Redeveloper" means Ryan Companies US, Inc., a Minnesota corporation, or its successor or assigns. "Redevelopment Property" shall mean the real property of approximately 10.0 acres identified on Exhibit A and legally described in Exhibit B. "Redevelopment Property Deed" means the limited warranty deed, substantially in the form attached as Exhibit C, to be used by the City to convey the Redevelopment Property and, if applicable, the Option Property to the Owner at Closing(s). "Site Plan" means the plan attached hereto as Exhibit E showing the proposed nature and location of the Minimum Improvements. "State" means the State of Minnesota. "Tax Increment" means the real estate taxes paid on property in the Tax Increment District which is remitted to the City as tax increment pursuant to the Tax Increment Act. "Tax Increment Act" means Minnesota Statutes Sections 469.174 et seq., Laws of Minnesota 1998, Chapter 389, Article 11, Section 24 and any other special law. "Tax Increment District" means a tax increment financing district that includes the Redevelopment Property and which has been approved and adopted by the Council within the Development District pursuant to the Tax Increment Act.