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5 <br /> <br />“Municipal Development Act” means Minnesota Statutes, Sections 469.124 to 469.133, as <br />amended. <br /> <br />“Payment Date” has the meaning given such term in the TIF Note. <br /> <br />“Qualified Development Costs” means the costs of acquiring land within the TIF District in <br />the maximum amount of $487,000, demolition and remediation directly related to the Senior <br />Housing Units, parking improvements related to the Senior Housing Units, and costs of constructing <br />the Senior Housing Units. <br /> <br />“Senior Housing Units” means approximately 92 Independent Living Units and <br />approximately 50 Assisted Living Units that shall be constructed as part of the Minimum <br />Improvements, of which at least 20% will be occupied by persons with incomes no greater than <br />50% of the area median gross income. <br /> <br />“Skilled Nursing Units” means approximately 56 units of skilled nursing units to be <br />constructed as an expansion to the Senior Housing Units, subject to the provisions of Section 3.4 <br />hereof. <br /> <br />“State” means the State of Minnesota. <br /> <br />“Tax Increment” means that portion of the real property taxes that is paid with respect to the <br />TIF District and that is remitted to the Authority as tax increment pursuant to the Tax Increment <br />Act. <br /> <br />“Tax Increment Act” or “TIF Act” means the Tax Increment Financing Act, Minnesota <br />Statutes, Sections 469.174 through 469.1794, as amended. <br /> <br />“Tax Increment District” or “TIF District” means the Tax Increment Financing (Housing) <br />District No. 1-13, a housing tax increment financing district created by the City and the Authority. <br /> <br />“Tax Increment Plan” or “TIF Plan” means the Tax Increment Financing Plan for the Tax <br />Increment Financing District 1-13 (Lyngblomsten Senior Housing Project), as approved by the City <br />Council on July 8 , 2019, and as it may be amended. <br /> <br />“Tax Official” means any County assessor; County auditor; County or State board of <br />equalization, the commissioner of revenue of the State, or any State or federal district court, the tax <br />court of the State, or the State Supreme Court. <br /> <br />“Termination Date” means the earliest of (a) the date the TIF Note has been paid in full, <br />defeased, or terminated in accordance with its terms; (b) the date following the 17th Payment Date <br />for the TIF Note; or (c) the date of termination of the Note and this Agreement by the Authority due <br />to an Event of Default as set forth in Section 9.2 hereof. <br /> <br />“TIF District Property” means the real property described in EXHIBIT A of this Agreement.