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in full through and including February 1, 2026; provided, that if any such Payment Date should not be a Business Day, the Payment Date shall be the next succeeding Business Day. Phase I Public Improvements means the public utility (water and sanitary sewer) to be undertaken by the City on or adjacent to the Development Property in connection with the Project as set forth in Section 3.1(2) of this Agreement; Phase II Public Improvements means landscape improvements (within or immediately adjacent to public ways) to be undertaken by the City on or adjacent to the Development Property in connection with the Project as generally depicted on Exhibit D and identified as included in the Phase II Public Improvements; Phase III Public Improvements means acquisition and demolition of improved property located at 2404 Rice Street, 93 County Road B2 W and 2442 Rice Street, Lots A, B, C, and D (bakery and 4 residential trailers), landscaping improvements as generally depicted on Exhibit D and identified as included in the Phase III Public Improvements and completing a 12 -inch water main loop along County Road B2 as set forth in Section 3.1(2) of this Agreement; Phase III Shortfall Note means the Tax Increment Revenue Note (St. Jude Medical Campus Expansion Project - Phase III Shortfall) to be executed by the City and delivered to the Developer pursuant to Article III hereof, a copy of which is attached hereto as Exhibit E; and Phase IV Public Improvements means widening the street surface and adding a left turn lane to County Road B2 east of its intersection with Rice Street, relocating sidewalks along County Road B2 and modifying traffic signals at the intersection of Rice Street and County Road B2 as set forth in Section 3.6 of this Agreement; Pledged Tax Increments means the tax increments derived from the Development Property which have been received and retained by the City in accordance with the provisions of Minnesota Statutes, Section 469.177 after (a) payment of the Bonds in full and (b) the City has fully reimbursed itself from Tax Increments for any difference- bet - weer -- he -Phase 111— Shorttt-1l and the Ph;sc l- I- [- Dchos it-ArriouatCity Phase 111 ShortfallAmounC; Project means the construction of an approximately 170,000 square foot office building and medical device research and development facility to be located on the Development Property; Public Improvement Expenses means the costs of the Public Improvements, including but not limited to related relocation costs and related design and engineering costs; Public Improvements means the Phase I Public Improvements, the Phase II Public Improvements, and the Phase III Public Improvements and the Phase IV Public Improvements; PUD means the Planned Unit Development of the Development Property approved by the City on September 26, 2007; State means the State of Minnesota; 2139197v6 4 Doc# 2561638 \9