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• III. Minimum Improvements and Additional Improvements. A. Generally, the Developer is required to develop the entire Development Property according to a specified phasing schedule. Improvements built within the TIF District are referred to as the "Minimum Improvements," and the improvements built outside the 'I'lli' District are referred to as the "Additional Improvements." B. The Minimum Improvements consist of a "Commercial Component," a "Rental Housing Component," and an "Owner- Occupied Housing Component." The required construction schedule for these components is summarized as follows: Commercial Component: 47,200 square feet by the end of 2006; additional 52,200 square feet by the end of 2007; additional 10,000 square feet by the end of 2008; and additional 5,000 square feet by the end of 2009. Rental Housing Component: 16 units by the end of 2005; additional 32 units by the end of 2006; and additional 16 units by the end of 2007. Owner- Occupied Housing Component: 41 units by the end of 2005; additional 41 units in each of the years 2006, 2007 and 2008. C. The Additional Improvement requirements and phasing schedule to be determined. [Note: these improvements do not generate tax increment.] See part D, below for discussion of particular covenants that may apply to the Additional Improvements. D. Covenants regarding housing types. 1. At least 60 percent of all housing units (inside and outside the "1 Distsrict combined) must be owner- occupied. 2. At 60 housing units (inside and outside the TIF District combined) must be senior, whether owner occupied or rental. If owner - occupied, they may be the same units that are "affordable," as described below. 3. At least 90 units (inside and outside the TIF District combined) must be affordable as described in this paragraph. • At least 60 units must be rental units that meet the income and rent limits for federal tax credits (generally, 40% of the units at 60% of median income, or 20% at 50 %). • At least 30 units must be owner - occupied, sold at a purchase price, and to initial buyers, that meet the Met Council price and income limitations for affordable owner- occupied housing. E. Assessment Agreements. By at least the required dates for completion of each component of the Minimum Improvements described in part B above, the Developer must SJB- 250856v7 CL205 -23 _82-