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HomeMy WebLinkAboutContract 1672No. R-1 uNrrED STATE OF AMERICA STATE OF MINNESOTA COUNTY OF ANOKA COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY TAXABLE TAX INCREMENT REVENUE NOTE SERIES 2000 $175,100 Date Rate of Original Issue 9.50% June 4 ,2002 Principal Amount: One Hundred Seventy-Five Thousand One Hundred Dollars and no/100ths Registered Owner: The Columbia Heights Economic Development Authority (the "Authority"), for value received, certifies that it is indebted and hereby promises to pay to the registered owner specified above, or registered assigns (the "Owner"), but solely from the sources, to the extent and in the manner hereinafter identified, the principal amount specified above together with interest on the outstanding principal sum from time to time at the interest rate specified above, payable on each February 1 and August 1 ("Payment Dates"), commencing August 1, 2003 and continuing through February 1, 2020. Payments shall be applied first to accrued interest, and then to unpaid principal. Payments are payable by mail to the address of the Owner or such other address as the Owner may designate upon 30 days written notice to the Authority. Payments on this Note are payable in any coin or currency of the United Sates of America which, on the Payment Date, is legal tender for the payment of public and private debts. Interest at the rate stated herein shall accrue on the unpaid principal, commencing on the date of original issue. Interest shall be computed on the basis of a year of 365 days and charged for actual days principal is unpaid. This Note is subject to prepayment in whole or in part at the option of the Authority on any date. This Note is one of an authorized issue in the total original principal amount of $175,100 to aid in financing certain development costs of a project undertaken by the Authority pursuant to Minnesota Statutes, Sections 469.090 through 469.1081, and is issued pursuant to an authorizing resolution (the "Resolution") duly adopted by the Authority on December 11, 2000, and pursuant to and in full conformity with the Constitution and laws of the State of Minnesota, including Minnesota Statutes, Sections 469.174 to 469.179. This Note is a limited obligation of the Authority which is payable solely from Available Tax Increment as defined in the Resolution, the terms of which are hereby incorporated by reference. This Note and the interest hereon shall not be deemed to constitute a general obligation of the State of Minnesota or any political subdivision thereof, DJG-214661 vi 1 CL205- l 1 including, without limitation, the Authority. Neither the State of Minnesota nor any political subdivision thereof shall be obligated to pay the principal of or interest on this Note or other costs incident hereto except out of moneys pledged thereto under the Resolution, and neither the full faith and credit nor the taxing power of the State of Minnesota or any political subdivision thereof is pledged to the payment of the principal of or interest on this Note or other costs incident hereto. The Authority shall pay to the Owner on each Payment Date the amount of Available Tax Increment. To the extent that, on any Payment Date, the Authority does not have on hand sufficient Available Tax Increment together with capitalized interest to make the scheduled payment, the amount of deficiency shall be deferred and paid, without interest thereon, to the extent possible on the next Payment Date on which the Authority has received Available Tax Increment sufficient to do so. If any amount payable under this Note has not been paid by February 1, 2020 after any payment is made on such date, any amount not paid shall be forgiven and the Authority shall have no further liability with respect thereto. If as of any Payment Date there is an uncured Event of Default under the Contract for Private Development between the Authority and to Columbia Heights Transition Block LLC ("Developer") dated as of March 23, 2001 (the "Agreement"), the Authority may withhold Available Tax Increment otherwise payable on such Payment Date. If the default is cured in accordance with the Agreement, the Available Tax Increment withheld shall be deferred and paid, without interest thereon, on the next Payment Date after the default is cured. This Note is issuable only as a fully registered note without coupons. As provided in the Resolution, and subject to certain limitations set forth therein, this Note is transferable upon the books of the Authority kept for that purpose at the principal office of the Authofity's Executive Director, by the Owner hereof in person or by the Owner's attorney duly authorized in writing, upon surrender of this Note together with a written instrument of transfer satisfactory to the .Authority, duly executed by the Owner. Upon such transfer or exchange and the payment by the Owner of any tax, fee, or governmental charge required to be paid by the Authority with respect to such transfer or exchange, there will be issued in the name of the transferee a new Note of the same aggregate principal amount, bearing interest at the same rate and maturing on the same dates. This Note shall not be transferred to any person other than an affiliate or other related entity, of the Owner or to the Developer unless the Authority has been provided with an opinion of counsel or a certificate of the transferor, in a form satisfactory to the Authority, that such transfer is exempt from registration and prospectus delivery requirements of federal and applicable state securities laws. 1T IS HEREBY CERTIFIED AND RECITED that all acts, conditions, and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen, and to be performed in order to make this Note a valid and binding limited obligation of the Authority according to its terms, have been done, do exist, have happened, and have been performed in due form, time and manner as so required. This Note shall not be valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been manually signed by the Registrar. DJG-214661vl 2 CL205-11 IN WITNESS WHEREOF, the Board of Commissioners of the Columbia Heights Economic Development Authority has caused this Note to be executed with the manual signatures of its President and Executive Director, all as of the Date of Original Issue specified above. COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY Executive Director~/f O}lt(r R. Fehst Pr~sident~ R6~-erl~ l~Oettimann REGISTRATION PROVISIONS The ownership of the unpaid balance of the within Note is registered in the bond register of the Executive Director, in the name of the person last listed below. DJG-214661 vl 3 CL205-11 Date of Registration June 4, 2002 Registered Owner Columbia Heights Transition Block, LLC Signature of Executive Director Wal ter-R. - F~h~t 7 DJG-214661 vi ~. CL205-11