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------ ---- -- --- ---- --- ~--- -~-----~~--------- Inc. and adopted by the City Council of the City on January 11, 2006, as modified in size and amount of product by the. conceptual master plan shown on Schedule A-2. "Minimum Improvements" means the improvements to be constructed on the Development Property for each applicable Phase or Sub-Phase. The parties' current understanding as to what will constitute the Minimum Improvements, and the Phases and Sub- Phases thereof, is generally depicted on Schedule C to this Agreement The Minimum Improvements will be more specifically defined pursuant to Section 3.3(c) and 3.4(c). "Mortgage" means any mortgage or security agreement in which the Developer has granted a mortgage or other security interest in the Development Property, or any portion or Parcel thereof, or any improvements constructed thereon, and which is a permitted encumbrance. ''Net Proceeds" means any proceeds paid by an insurer to the Developer or the City or the City under a policy or policies of insurance required to be provided and maintained by the Developer and remaining after deducting all expenses (including fees and disbursements of counsel) incurred in the collection of such proceeds. "Note" or "Notes" means any tax increment revenue note or notes issued by the City as reimbursement to the Developer for Public Development Costs incurred and paid by the Developer for each Sub-Phase, each of which notes shall be substantially in the form of the note attached hereto as Schedule F. "Parcel" means a portion of the Development Property on which a Phase or Sub-Phase will be constructed. "Permitted Encumbrances" means the encumbrances described in Schedule B to this Agreement. "Person" means any individual, corporation, partnership, joint venture, association, joint- stock company, trust, unincorporated organization, or government or any agency or political subdivision thereof. "Phase" means the development of the Development Property pursuant to this Agreement in the following separate consecutive order: Phase I, Phase II, Phase ill or Phase N. Each Phase will be completed prior to the parties being bound to proceed to any subsequent Phase. "Phase I" means that portion of the Minimum Improvements currently anticipated to be constructed on Blocks [1, 2, 7, 8 & 9] of the Development Property. It is currently anticipated that Phase I will consist of the construction of the following in four (4) Sub-Phases: (a) fifty- eight (58) for-sale townhomes ("Sub-Phase 1-Bl-2"), (b) forty-one (41) affordable [tax credit] rental units ("Sub-Phase 1-B7"), (c) and approximately fifteen thousand (15,000) square feet of first floor retail space and at least forty-eight (48) multifamily senior housing units ("Sub-Phase 1-B8"), and (d) fourteen thousand five hundred (14,500) square feet commercial building ("Sub- Phase 1-B9"). It is currently anticipated that Phase I will be financed according to the sources and uses attached hereto as Schedule E- I. 4