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• "Benefit Date" means the earlier of: (i) the date that the Commercial Component of the <br />Improvements are completed; or (ii) the date that the Commercial Component of the <br />Improvements are first occupied. <br />"City" means the City of Falcon Heights, Minnesota. <br />"Commercial Component" means that portion of the Improvements consisting of <br />approximately 12,000 square feet of retail space. <br />"Contract" means the Development Agreement between the City and the Multifamily <br />Developer dated effective as of , 2003. <br />"Multifamily Developer" means Falcon Heights Town Square Limited Partnership, a <br />Minnesota limited partnership, its successors and assigns, or any future owners of the <br />Multifamily Development Property. <br />"Multifamily Development Property" means the real property described as such in the <br />Contract. <br />"Improvements" means the construction by the Multifamily Developer of a <br />commercial/residential development pursuant to the Contract. <br />• "State" means the State of Minnesota. <br />"Subsidy" means the tax increment financing assistance provided to the Multifamily <br />Developer under the Contract and which is attributable to the Commercial Component; provided, <br />that the amount of the Subsidy at any particular time shall not exceed the amount that has been <br />actually paid to the Multifamily Developer. <br />ARTICLE II <br />Job and Wage Goals; Required Provisions <br />Section 2.1. Employment and Wage Requirements. The City has determined that no <br />wage and job goals will be imposed on the Multifamily Developer. <br />Section 2.2. Reports. The Multifamily Developer agrees that it will provide to the City <br />and any other authorized agency all reports required by the Act. Such reports shall be submitted <br />at the times required by the Act. <br />Section 2.3. Continuin O~bli ag tion. The Multifamily Developer agrees that it will <br />continuously operate the Commercial Component of the Improvements for a period of at least <br />five (5) years from the Benefit Date. <br />Section 2.4. Required Provisions. The following provisions are required by the Act: <br /> <br />