Soil Deficiencies definition

Soil Deficiencies means the unusual terrain or soil deficiencies on the Development Property. State means the State of Minnesota; Tax Increments means 90% of the tax increments derived from the Development Property which have been received and retained by the EDA in accordance with Minnesota Laws 2017, 1st Special Session, Chapter 1, Article 6, Section 12 (the "Special Legislation") and the provisions of Minnesota Statutes, Section 469.177, which tax increments from the Development Property are calculated in the sole discretion of the EDA; Tax Increment Act means Minnesota Statutes, Sections 469.174 through 469.1794, as amended;
View Source
Soil Deficiencies means the cost of correcting the unusual terrain or soil deficiencies on the Development Property; State means the State of Minnesota; Tax Increments means 90% of the tax increments derived from the Development Property which have been received and retained by the EDA in accordance with the provisions of Minnesota Statutes, Section 469.177, which tax increments from the Development Property are calculated in the sole discretion of the EDA; Tax Increment Act means Minnesota Statutes, Sections 469.174 through 469.1794, as amended;
View Source

Examples of Soil Deficiencies in a sentence

  • Notwithstanding the provisions of Sections 3.1, the EDA shall have no obligation to the Developer under this Agreement to reimburse the Developer for the costs of the correction of the Soil Deficiencies, if the EDA, at the time or times such payment is to be made, is entitled under Section 4.2 to exercise any of the remedies set forth therein as a result of an Event of Default which has not been cured.

  • The costs of the correction of the Soil Deficiencies shall be paid by the Developer.

  • At the time of completion of construction of the Project, if the aggregate amount of the costs of correction of the Soil Deficiencies incurred is less than the aggregate amount of the costs of correction of the Soil Deficiencies projected in Exhibit E, the TIF assistance for the costs of the correction of the Soil Deficiencies will be reduced on a dollar for dollar basis in the amount of such deficiency and the principal amount of the TIF Note will be adjusted accordingly.

  • The EDA shall reimburse the Developer for $391,621 of the cost of the correction of the Soil Deficiencies as provided in Section 3.3(1) hereof.

  • The principal amount of the Soil TIF Note shall equal the lesser of (a) $1,920,000, or (b) the actual costs of the correction of the Soil Deficiencies on the Soil Property actually incurred and paid by the Developer.

  • At the time of completion of construction of the Project, if the aggregate amount of the costs of correction of the Soil Deficiencies incurred is less than the aggregate amount of the costs of correction of the Soil Deficiencies projected in Exhibit E, the TIF assistance for the costs of correction of the Soil Deficiencies will be reduced on a dollar for dollar basis in the amount of such deficiency and the principal amount of the TIF Note will be adjusted accordingly.

  • The principal amount of the TIF Note shall equal the sum of (a) $700,000, or (b) the actual costs of the correction of the Soil Deficiencies actually incurred and paid.

  • The principal amount of the TIF Note shall equal the sum of the lesser of (a) $600,000, or (b) the actual costs of the correction of the Soil Deficiencies actually incurred and paid.

  • The principal amount of the Facility TIF Note shall equal the lesser of (a) $4,480,000 or (b) the actual costs of the correction of the Soil Deficiencies on the Facility Property actually incurred and paid by the Developer.

  • In addition, the EDA shall reimburse the Developer for the lesser of (1) $6,400,000, or (2) the costs of the correction of the Soil Deficiencies actually incurred and paid by the Developer (or Developer’s agent) (the "Reimbursement Amount"), as further provided in Section 3.3(2) hereof.