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Post Project Phases means the development and construction of any Completed <br /> Residential Building on the Development Property subsequent to the Project. <br /> Prime Rate means the rate of interest from time to time publicly announced by U.S. Bank <br /> National Association in St. Paul, Minnesota, as its "prime rate" or "reference rate" or any <br /> successor rate, which rate shall change as and when that rate or successor rate changes; <br /> Project means the construction of an approximately 48 -unit senior cooperative apartment <br /> building by the Developer on a portion of the Development Property; <br /> Site Improvements means those site improvements identified on Exhibit C attached <br /> hereto to be undertaken on or adjacent to the Development Property; <br /> State means the State of Minnesota; <br /> Tax Increments means 80% of the tax increments derived from the Development <br /> Property which have been received by the City in accordance with the provisions of Minnesota <br /> Statutes, Section 469.177; <br /> Tax Increment Act means Minnesota Statutes, Sections 469.174 through 469.1799, as <br /> amended; <br /> Tax Increment District means Tax Increment Financing (Economic Development) <br /> District No. 19 located within the Development District, a description of which is set forth in the <br /> Tax Increment Financing Plan, which was qualified as an economic development district under <br /> the Tax Increment Act; <br /> Tax Increment Financing Plan means the tax increment financing plan approved for the <br /> Tax Increment District by the City Council and any future amendments thereto; <br /> TIF Note means the Tax Increment Revenue Note (Applewood Pointe Senior <br /> Cooperative Housing Project) to be executed by the City and delivered to the Developer pursuant <br /> to Article III hereof, the form of which is attached hereto as Exhibit B; and <br /> Unavoidable Delays means delays, outside the control of the party claiming its <br /> occurrence, which are the direct result of strikes, other labor troubles, unusually severe or <br /> prolonged bad weather, acts of God, fire or other casualty to the Project, litigation commenced <br /> by third parties which, by injunction or other similar judicial action or by the exercise of <br /> reasonable discretion, directly results in delays, or acts of any federal, state or local <br /> governmental unit (other than the City) which directly result in delays. <br /> 3 <br /> 2753452v56 <br />