Laserfiche WebLink
UNITED STATE OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CITY OF ARDEN HILLS <br />No. R-1 <br />$1,115,000 <br />TAX INCREMENT REVENUE NOTE <br />SERIES 2Q <br />Ra#e <br />Date of Original Issue <br />% , 2Q____ <br />The City of Arden Hills, Minnesota (the "City"), for vaIue received, certifies that it is indebted <br />and hereby promises to pay to PRESBYTERIAN HOMES OP ARDBN HII..LS, INC. or registered <br />assigns {the "Owner"), the principal sum of $ and to pay interest thereon at the rate of <br />percent per annurn, as and to the extent set forth herein. Unless the context clearly requires <br />otherwise, capitaIized terms in this Note have the zneaz�ing provided in the Contract for Private <br />Development between the City and Owner dated as of December 13, 2010 (the "Agreement"). <br />1. Payments. Principai and interest {"Paym�nts"} shall be paid on August 1, 2014 and each <br />February 1 at�d August 1 thereafter ("Payment Dates"} to and including February i, 2028, or such earliar <br />Paymen� Date when principal and accrued interest have been paid in full, and shall E�e made in the <br />amounts and solely from the sources set forth in Section 3 hereon. Payrr�ents shall be applied first to <br />accrued interest, and then to unpaid principal. <br />Payments are payable by mail to the address of the Owner or such other address as the Ow�zer <br />may dasignate upon thirty (30} days written notice to tiae City. Payments on this Note are payable in any <br />coin ar currency of the LTnited States of America which, on the Payment Date, is legal tender for the <br />payment of public and private debts. <br />2. Interest. Interest at th� rate stated herein shall accrue on the unpaid principal from and <br />after the date of issue of this Note. Interest accruing from the date o� issue through February l, 2014 will <br />be compounded semiannually on each August 1 and February 1 and added to principai. �aterest shall be <br />computed an the basis of a 360-day year consisting of twelve 30-day months. <br />3. AvaiIable Tax Inc:rezxzent. Payments on this No�e on each Payment Date are paya6�e <br />solely from and in the amoun# of Available Tax Increment. The tet�n "Availabie Tax Increment" means <br />{a) on Payment Datas from August 1, 2014 through February 1, 2019, 90 percent of the Tax Irzcretxaent <br />attributable to the Minimum Improvements and Development Property that are paid to the City by <br />Ramsey County in the six (6) months preceding the Paymeni Date, and {b) an Payment Dates from <br />August 1, 2019 to February 1, 2028, 75 percent of the Tax Increment attributable to the Mznimutn <br />Ixaapcovements and Development Property #hat are paid to the City by Ramsey Caunty in the six {6) <br />months preceding the Payment Date. <br />Available Tax Increm.ent shall not include any Tax Increment i% as of any Payment Date, there is <br />an uncured Event of Default under tl�e Agreement or the Land Development Agreement Any amauni of <br />Available Tax Increment so withheld shatl be paid, without i�terest on the withheld amount, on the next <br />a�92�6�r .a�.00-io 2 <br />