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. The TIP note would be structured on the following hasis: )> Issue total: )> Type: )> Term: )> Interest Rate: )> Admin Fee: )> Fiscal Disparities: $5 million Pay-as-you-go note 8 years 6.5% 5% Paid from within the district . EDA may tenninate the Note with ---- days written notice to the Redeveloper of the conditions of default and shall be provided -------days to cure. If after cure period has expired the EDA may terminate the Note and this Agreement with ---- days written notice to the Redeveloper. . Within 60 days after closing on Redeveloper's sale to third parties of the final unit within the completed Project Union Land II, LLC agrees to provide financial data to the EDA's consultant as may be necessary for the consultant to calculate the actual rate ofretum to the Redeveloper. If, based on such review, the actual profit for the Redeveloper exceeds a 8% rate of return on total project costs then 50 percent of excess amount of profit (the "Prepayment Amount") will be applied as prepayment of the outstanding principal amount of the Note in accordance with the terms of Section 5(b) of the Note. Such prepayment will be effective upon delivery to Redeveloper ofa written notice stating the amount of excess profit determined by the EDA in accordance with this Section; however, the prepayment ofthe Note will be deemed to have occurred as of the Final Closing Date. . Both parties agree that any assistance provided to the Redeveloper under this Agreement is not a "business subsidy" under Minnesota Statutes, Section I 16J.993, subd. 3 because the assistance is for housing and redevelopment. . Redeveloper agrees to obtain all planning approvals necessary to construct the Project, including without limitation a planned unit development and replat of the Redevelopment Property. . Redeveloper agrees that it will pay the reasonable costs of consultants and attorneys retained by the EDA "in connection with the creation of the TIP District and the negotiation in preparation of the Agreement and other incidental agreements and documents related to the development contemplated hereunder. Upon termination of the Agreement, the Redeveloper remains obligated for costs incurred through the effective date of termination. . Redeveloper agrees to undertake the redevelopment project as described. In summary, the developer would purchase the six subj ect properties, remove the current buildings, and construct approximately 25,000 square feet of commercial space, 132 condominiums, 22 townhomes, and 220 market rate apartments.