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EXHIBIT P.-=—1 <br /> FORM OF FIRST TAX INCREMENT NOTE <br /> No. R� 3 'T1 <br /> UNITED STATES OF AM R I CA <br /> STATE OF MINNESOTA <br /> COUNTY DF RAM EY <br /> IN An FOR THE CITY OF RDA MLLE <br /> AMENDED AM.RESTATED- E <br /> TAB INCRENENT R1 <br /> Note OF 1994 <br /> (COLLEGE -PROPERTIESy INC. PROJECT <br /> The City of Rcsevii lge Minnesota the "City")-,z hereb <br /> ackncwled es itself to he indebted and for value received <br /> hereby romises to pav the amounts hereinafter described the <br /> p g3M gn t Amounts" tc Cclle a ProRertiess Inc.Incer a Minnesota <br /> n on- refit � oration Qr its re istered ass* � t�'1e <br /> "Registered Owner" but only in the manner at the tires from <br /> the s 71 ` e 3 cf revenueff and to the extent hereinafter provideds, <br /> The rin i al amount of this Note shall. a al from time to <br /> time the pringipal amount stated above as reduced -to the extent <br /> that suc rinci al insta lMents shall have been paid in whole or <br /> in art ursuant t the ems hereof rcvided that the sum c f <br /> the Rrincipal aMcun t listed above shall in no eyent exceed <br /> S3w752K610 as provided in that certain Dewelc ent A reement <br /> dated as of Oct Or 1W 1993, as -the same a be amended fry time <br /> to time the "Develc e t A regiment" and hgtween the Citv of <br /> Ron Vill 14innegota the "Cit " and College Properties,- Inc <br /> a Minnesota non-2rofit comorati on the "Cc are " Of the <br /> $34752.1610ff - L352. 060 shall constitute ca vitalized interest* The <br /> aid rLnci al aacunt hereof shall hear interest from the date <br /> that this Note was c ri in l l i s su d on October 31c 1994 at the <br /> simple, nc -c2m cunded rate of ei ht percent 8.00 per annum <br /> Interest shall be copmuted on the basis of a 3§0 da ear <br /> consistincr of twelve (12) 3 0-Ala months. <br /> 24168S.Red <br /> VS to V4; 05120/98 cl-:L <br />