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"County Road Improvements" means the reconstruction of Caunty Road D from the intersection of Lake Johar�na Blvd. easEerly to ihe intersection with Shorewood Dr; reconstructed street to be nominally 32 feet wide with new concrete curb and gutter, and co�structed ta a 9-ton design in aceordance w�th Minnesota Depart�nent of Transportatian design criteria. "Developer" means Aresbyterian Homes of Arden Hills, Trac. or its per�nitted successors and asszgns. "Development Property" means the real property described in Schedule A of this Agreement, provided that for the purposes of this Agreement, the term "Development �'roperiy" excludes any por�ion of property described in Schec3ule A, or improvements thez'eon, that are determined by Ramsey County to be exempt from ad �alarem property taxes as of the date of this Agreement. "Development 1'Ian" means the Caty's Development Pragram far Development Distzict No. 1, as arr�ended. "Environrnental Resnonse Actions"has the meaning�provided i� Section 3.Sfd)• "Eve�t of Default" means an action by the DeveIoper ]isted in Article lX of this Agreement. "Ho1dEr" means the owner of a Mortgage_ "Housing Revenue Bonds" h�s� ,;;�u;;, 5�,:��;uL� � ��±��_- �.�means aualifiec� SOl�c1(31 revenue bonds issued b the Crtv under Minnesota_Stat�ttes Sections, 4b9.I 52 to 4b9.I 65 or Chanter 462C in order ta f�nance ail or a__portion_of the Minimum Irn rovements, as further described rn Sectio�� 7.1 hereof. � "Land De�elopment Agreement" means the develapmEnt agreement to be en#ered between the City and the Developer in connection with the plat of ihe Development Property. "Mat�rity Date" means the date that the Note has bee� paid in full, defeased or terminated in accordance with its terms, whichever is earlrer. "Mi�imum lm�ravements" means. (a) the foliawing improvements on the Deve�opment Properiy: Phase IA: 54 units independent living 36 units assisted living � $ units memory care Phase IB: 40 units of assisted Iiving 1$ units of inemo�y care Phase II.- 36 units of independ�Rt Iiving (brownstones); and (b) The fol3owing improveme�ts within public rights of way or easements: Utility Iniprovements: recanstruction af existin�. $" sanitary sewer aIong the easterly frontage of Lake �ohanna from the existing lift station to the manhole in Sa�deen Rd, using new 8" PVC pipe along approximately the sarne li�e and grade, and includi�g new rna�l�oles. "Mortgage" means any mortgage which is secured by the whole or any part of �he De�eIap�nent Pro�erty and which is entered into to obtairt fnancing for i�npro�ement of the Development Property. 3