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Event of Default means any of the events described in <br />Section 4.1 hereof; <br />Legal and Administrative Expenses means the fees and <br />expenses incurred in connection with the adoption of the Tax <br />Increment Financing Plan, the preparation of this Development <br />Agreement, and the issuance of the Tax Increment Note; <br />Median Income means the median gross income for the area in <br />which the Development is located as determined from time to time <br />by the United States Department of Housing and Urban Development. <br />For purposes of determining whether Adjusted Family Income <br />qualifies a tenant for treatment as a CDBG Tenant, the Median <br />Income shall be adjusted for family size. <br />Note Payment Date means August 1, 1994, and each February 1 <br />and August 1 of each year thereafter to and including February 1, <br />2007; provided, that if any such Note Payment Date should not be <br />a Business Day, the Note Payment Date shall be the next <br />succeeding Business Day; <br />Prime Rate means the rate of interest from time to time <br />publicly announced by First Bank National Association in <br />Minneapolis, Minnesota, as its "prime rate" or any successor <br />rate, which rate shall change as and when that prime rate or <br />successor rate changes; <br />Proiect means the approximately square foot <br />multifamily elderly housing development to be located on the <br />Development Property; <br />Site Improvements means those site improvements to be <br />constructed on the Development Property, more particularly <br />described on Exhibit D attached hereto; <br />State means the State of Minnesota; <br />Tax Increments means the tax increments derived from the Tax <br />Increment District which have been received and retained by the <br />City in accordance with the provisions of Minnesota Statutes, <br />Section 469.177; <br />Tax Increment Act means Minnesota Statutes, Sections 469.174 <br />through 469.179, as amended; <br />Tax Increment District means Tax Increment Financing <br />District No. 5 located within the Development District, the legal <br />description of which is set forth on Exhibit A attached hereto, <br />226247 <br />3 <br />-24- <br />