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UNITED STATE OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF R4MSEY <br />CITY OF ARDEN H1LLS <br />No. R-1 <br />$1,115,000 <br />TAX INCREMENT REVENUE NOTE <br />SERIES 20_ <br />Rate <br />% <br />Date of OriQinal lssue <br />, 2a <br />The C�#y of Arden Hills, Mrnnesota {the "City"), for value received; certifies that i� is indebted <br />and hereby prorr�ises to pay to PRESBYTERIAN HOMES OF ARDEN NILLS, INC. or registered <br />assigns (the "Owner"), the principal sum of $ and to pay interest thereon at the rate of <br />percEnt per annum, as and to t�e extent set forth herei�_ Unless the context clearly requires <br />otherwise, capitalized #erms in this Note have the meaning prov�ded in tl�e Contraet for Private <br />Development between the City and Owner dated as of December 13, 20l 0(�he "Agreerrtent"). <br />1. Payments. Principal and interest ("Payments�'} shall be paid o�� A�gust ], 2014 and each <br />Fehruary 1 and August 1 thereafter ("Payment Dates") to and inc�uding February l, 2028, or such earlier <br />Payment Date when principal and accrued interest have been paid i�� fuil; and shal] be rnade in the <br />a�nounts and sotely from the sources set forEh in Sectio� 3 hereor�. Payments shal� be applied firs# to <br />accrued interest, and then to unpaid principal. <br />Payments are payable by mail ta the address of the Owner or such other adciress as the Owner <br />may designate upon thirty (30} days writ�en notice to the City. Payrnents on this Note are payable in any <br />coin ar curreney nf the United States of A�nerica which, on the Payment Date, is Iegat tender for the <br />payment of public and p�vate debts. <br />2. Interest. Interest at the rate staEed herein sha}t accrue on the unpaid princrpaI from and <br />after the date of issue of this Note. Interest accruing from the date oi issue through February �, 2q14 will <br />be compounded semiannually on eacI� Aug�st l and Febrr�ary l an� added to principal. Interest shall be <br />computed on �he basis of a 364-day year cor�sistin� oftwelve 30-day months. <br />3. Available Tax lncrement. Payments on this Note on eac�t Payment Date are payable <br />solely from a�zd in the amount of Available Tax Increment. The term "Availabie Tax Increment" �neans <br />(a) on Payment Da#es from August 1, 2414 through February 1, 2019, 90 percent of the Tax Increment <br />attributabte to the Minimum Improvements and Development Property that are paid to the City by <br />Ramsey County in the six {6) months preceding the Payment Date, and (b) on Payment Dates fror� <br />August �, 2419 to February l, 2028, 75 percent af tl�e Tax lncrement attributable to the Minim�m <br />Improvernents and Development Property that are paid to t3�e Ciry by Ramsey County in the six (6) <br />months preceding the Aayment Date. <br />Available Tax Increment shatl not include any Tax Increment if, as of any Payment Date, there is <br />an uncured Eve3it of Default under the Agreert-�ent or the Land Develapment Agreement; any amount of <br />Available Tax Increment so withheld shall be paid, without interest on the withheid amount, on the next <br />G� <br />