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facility on the Property and to help remedy the insufficiency in Available Tax Increment pledged to Note 2, the City has determined to grant a property tax abatement for the City's share of the property taxes on the Property after termination of the TIF District, pursuant to Minnesota Statutes, Sections 469.1812 to 469.1815 (the "Abatement Act "), subject to the terms and conditions of this resolution. Section 2. Revision of Note 1. 2.01. Notwithstanding anything to the contrary in Resolution No. 95 -20 or the terms of Note 1, the City will pay the outstanding principal and accrued interest on Note 1 to Rehbein, which payment will be made from the total Tax Increment generated from the Property as of the date of payment. The payment will be made on September November 15, 2000. 2.02. Upon payment of Note 1 in full, the City will execute and deliver to Developer a release, in recordable form, of the Assessment Agreement between the City and the Developer dated October 24, 1995. Section 3. Revision of Note 2. 3.01. Upon making the final payment on Note 1 as described in Section 2 hereof, the City will deliver to the Developer an Amended and Restated $114,051.19 Tax Increment Revenue Note, Series 1995B fAinendestAmended Note 23 2 ") in substantially the form attached hereto as Exhibit A. In exchange for Amended Note 2, Developer shall deliver to the City the original Note 2 for cancellation, as well as an investment letter from Developer in a form acceptable to the City. 3.02. Notwithstanding anything to the contrary in Resolution No. 95 -21 or the terms of original Note 2, Amended Note 2 is payable solely from and in the amount of "Available Tax Increment," which means (a) on the September November 15, 2000 Payment Date, 100 percent of the Tax Increment generated from the Property that was received by the it City as of that Payment Date and not applied to any prior payment of Note 1 or original Note 2, and (b) on each Payment Date thereafter, 95 percent of the Tax Increment generated from the Property that was received by the City as of each Payment Date and not applied to any prior payment of Note I, original Note 2 or Amended Note 2. 3.03. The payment due on Septerebee Natember 15, 2000 on the Amended Note 2 will be further adjusted as follows: (a) The Developer agreed under the Assessment Agreement that the Property would have an estimated market value of $527,700 as of January 2, 1996 for taxes payable in 1997. However, the actual estimated market value on the County records for January 2, 1996 was $327,700, which resulted in a reduction in property taxes paid by Developer (and Tax Increment received by the City) in the amount of $17,225.72. The City will deduct that amount from the payment otherwise due under Amended Note 2 on September November 15, 2000. • (b) Prior to the date of this resolution, the City has paid to the Developer a total of . $24,165.09 toward the original Note 1. The City will also deduct that amount from the payment otherwise due under the Amended Note 2 on September November 15, 2000. S18- 184817v2 CE 155 -7 2