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CCP 06-15-1992
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CCP 06-15-1992
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<br /> . <br /> . "Minimum Improvements" means a 94-unit elderly residential <br /> facility which is to be constructed by the Developer on the <br /> Development Property. <br /> "Net Proceeds" means any proceeds paid by an insurer to the <br /> Developer or the City under a policy or policies of insurance <br /> required to be provided and maintained by the Developer pursuant <br /> to Article V of this Agreement and remaining after deducting all <br /> expenses (including fees and disbursements of counsel) incurred in <br /> the collection of such proceeds. <br /> "Plan" means the tax increment financing plan and the <br /> development district plan created in connection with the Program <br /> and the Development District. <br /> "Programlr means the development program approved by the City <br /> in connection with the creation of the Development District, as it <br /> may be amended or modified. <br /> "Developer" means Cottages of North St. Paul Limited Partner- <br /> ship, a Minnesota Limited Partnership. <br /> "Development Property" means the real property described in <br /> Schedule A of this Agreement. <br /> . "Revenue Bonds" means the $4,650,000.00 North St. Paul <br /> Multifamily Housing Revenue Bonds (Cottages of North St. Paul, a <br /> Minnesota Limited Partnership Project) Series 1990. <br /> "Staten means the State of Minnesota. <br /> "Tax Incrementll means that portion of the real property taxes <br /> which is remitted to the City as a tax increment pursuant to the <br /> Tax Increment Act. <br /> "Tax Increment District" means the tax increment district <br /> created by the Council in connection with the Development District. <br /> "Tax Official" means any City or county assessor; County <br /> auditor; City. County or State board of equalization, the commis- <br /> sioner or revenue of the State, or any S t a.t.e or federal district <br /> court, the tax court of the State, or the State Supreme Court. <br /> "Termination Date" means December 30, 2003, or such earlier <br /> date as may occur if termination occurs as provided herein. <br /> "Unavoidable Delays" means delays which are the direct result <br /> of strikes, other labor troubles, fire or other casualty to the <br /> Minimum Improvements, litigation commenced by third parties which, <br /> by injunction or other similar Judicial action, directly results <br /> . in delays', or acts of any ;'ederal, state or local governmental unit <br /> (other than the City) wh 1 directly result in delays. <br /> 4 <br />
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