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"Phase If' means that portion of the Minimum Improvements currently anticipated to be constructed on [Blocks 5, 6 and SWC/E/lj of the Development Property. The parties' current understanding of the nature of Phase IT is depicted on ScheduleA-2 to this Agreement. "Phase Ill" means that portion of the Minimum Improvements currently anticipated to be constructed on [Block 4 and Lake Area] of the Development Property. The parties' current understanding of the nature of Phase IT is depicted on Schedule A-2 to this Agreement. "Phase IV" means that portion of the Minimum Improvements currently anticipated to be constructed on. [Block 3] of the Development Property. The parties' current understanding of the nature of Phase IT is depicted on Schedule A-2 to this Agreement. "Preliminary Development Agreement" means the Preliminary Development Agreement dated as of September 13,2007, between the City and Developer. "Project" means the City's Municipal Development District No.1. "Project Area" means the real property located within the boundaries of the Project. "Project Plan" means the development program adopted by the City in connection with the creation of the Project. "Public Development Costs" means costs incurred by the Developer in connection with the acquisition of the Development Property and the development of the Minimum Improvements assuming the parties agree on which costs will be reimbursed by the City under this Agreement. A list of the types of costs that the parties contemplate will be Public Development Costs for each Phase and Sub-Phase is attached hereto as Schedule D. "Public Improvements" means the public improvements preliminarily described on Schedule E to this Agreement which the parties expect will be constructed in connection with the development of the Minimum Improvements. The Public Improvements will be more specifically defined pursuant to Section 3.3(c) and Section 3.4(c). "State" means the State of Minnesota. "Sub-Phase" means each individual component of each Phase, as generally described in the description for each applicable Phase. "Tax Increment" means that portion of the real property taxes paid with respect to the Property and Improvements that is received by the City as tax increment pursuant to the Tax Increment Act, after deducting amounts required by law to be deducted therefrom. "Tax Increment Act" means the Tax Increment Financing Act, Minnesota Statutes, Sections 469.174-469.1799, as amended and as it may be further amended from time to time. "Tax Increment District" means any tax increment district created within the Project Area pursuant to the terms of this Agreement. 5 -------- ------ ----- ----- ---- - - ~-----~-----------_._--