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<br />Phase 1-B4"), (b) _ L..J square feet of first floor retail space and at least _ L..J rental <br />units ("Sub-Phase 2-B5"), and (c) _ L..J for-sale townhomes ("Sub-Phase 2-BE-W''). <br /> <br />"Phase III" m~ that portion of the Minimum Improvements currently anticipated to be <br />constructed on [Block 4 and Lake Area] of the Development Property. It is currently anticipated. <br />that Phase III will consist of the construction of the following in two (2) Sub-Phases: (a) _ <br />L..J for-sale townhomes ("Sub-Phase 3-B 1 0''), and (b) L-J senior cooperative <br />units ("Sub-Phase 3-B6). <br /> <br />"Phase IV" means that portion of the Minimum Improvements currently anticipated to be <br />constructed on [Block 3] of the Development Property. It is currently anticipated that Phase IV <br />will consist of the construction in one Phase of the following: _ L..J square feet of first <br />floor retail space and at least _ L..J rental units ("Sub-Phase 4-B3''). <br /> <br />"Preliminary Development Agreement" means the Preliminary Development Agreement <br />dated as of September 13,2007, between the City and Developer. <br /> <br />"Project" means the City's Municipal Development District No.1. <br /> <br />"Project Area" means the real property located within the boundaries of the Project. <br /> <br />"Project Plan" means the development program adopted by the City in connection with <br />the creation of the Project <br /> <br />"Public Development Costs" means costs incurred by the Developer in connection with <br />the acquisition of the Development Property and the development of the Minimum <br />Improvements assuming the parties agree on which costs will be reimbursed by the City under <br />this Agreement A list of the types of costs that the parties contemplate will be Public <br />Development Costs for each Phase and Sub-Phase is attached hereto as Schedule D. <br /> <br />"Public Improvements" means the public improvements preliminarily described on <br />Schedule E to this Agreement which the parties expect will be constructed in connection with the <br />development of the Minimum Improvements. The Public Improvements will be more <br />specifically defined pursuant to Section 3.3(c) and Section 3.4(c). <br /> <br />"State" means the State of Minnesota. <br /> <br />"Sub-Phase" means each individual component of each Phase, as generally described in <br />the description for each applicable Phase. <br /> <br />"Tax Increment" means that portion of the real property taxes paid with respect to the <br />.Property and Improvements that is received by the City as tax increment pursuant to the Tax <br />Increment Act, after deducting amounts required by law to be deducted therefrom. <br /> <br />"Tax Increment Act" means the Tax Increment Financing Act, Minnesota Statutes, <br />Sections 469.174-469.1799, as amended and as it may be further amended from time to time. <br /> <br />5 <br />