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"Multifamily Component" means that portion of the Minimum Improvements consisting <br />of approximately 119 units of multifamily rental housing. <br />"Multifamily Developer" means Falcon Heights Town Square Limited Partnership, a <br />Minnesota limited partnership, and its successors and assigns. <br />"Multifamily Development" means the Multifamily Development Property and the <br />Minimum Improvements to be constructed thereon as provided in this Agreement. <br />"Multifamily Development Property" means the real property legally described on the <br />attached Schedule A. <br />"Multifamily TIF Note" means the Taxable Tax Increment Revenue Note to be issued by <br />the City pursuant to this Agreement, which Note shall be substantially in the form of the note <br />attached to this Agreement as Schedule G. <br />"Multifamily Available Tax Increment" means one hundred percent (100%) of the Tax <br />Increment received by the City with respect to the Multifamily Development Property in the six <br />(6) month period preceding a Scheduled Payment Date under the Multifamily TIF Note. For <br />purposes of determining the amount of Multifamily Available Tax Increment, 53.25% of the <br />original net tax capacity of the Tax Increment District shall be allocated to the Multifamily <br />Development Property. <br />• "Multifamily Supplemental Available Tax Increment" means that portion of the <br />Supplemental Available Tax Increment allocated to the Multifamily TIF Note. <br />"Note" means the Multifamily TIF Note. <br />"Parking Component" means that portion of the Minimum Improvements consisting of a <br />below-grade structure which will contain approximately 150 parking stalls. <br />"Plat" means the plat of subdivision of the Town Square Site, known as Falcon Heights <br />Town Square, a copy of which is attached hereto as Schedule H. <br />"Preliminary Plans" means the site plan and building elevations submitted to the City in <br />connection with the City's planned unit development approval process. <br />"Project" means the City's Municipal Development District No. 1. <br />"Project Area" means the real property located within the boundaries of the Project. <br />"Project Plan" means the plan and development program adopted in connection with <br />creation of the Project. <br />"PUD Agreement" means the Planned Unit Development Agreement to be entered into <br />between the City and the Developers, and mutually agreeable to the City and the Developers. <br />:F~~ €~ v~l-~ .:~ ~`('~' December 29, 2003 <br />8~ <br />