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<br />3 <br />516911v4 JAE MU205-47 <br />“Declaration of Restrictive Covenants” means the Declaration of Restrictive Covenants between <br />the Authority and the Developer in substantially the form set forth in EXHIBIT D attached hereto. <br /> <br />“Developer” means Boulevard Apartments, Limited Partnership, a Minnesota limited partnership, or <br />its permitted successors and assigns. <br /> <br />“Development Property” means the real property described in EXHIBIT A attached hereto, <br />including the Tax-Forfeited Property and the Additional Property. <br /> <br />“EDA Act” means Minnesota Statutes, Sections 469.090 to 469.1082, as amended. <br /> <br />“Event of Default” means an action by the Authority or the Developer listed in Article IX hereof. <br /> <br />“Holder” means the owner of a Mortgage. <br /> <br />“Housing Unit” means the housing units constructed as part of the Minimum Improvements. <br /> <br />“HRA Act” means Minnesota Statutes, Sections 469.001 through 469.047, as amended. <br /> <br />“Lender” means Minnesota Housing Finance Agency. <br /> <br />“Material Change” means a change in construction plans that adversely affects generation of tax <br />increment or changes the number of Housing Units. <br /> <br />“Maturity Date” means the date that the TIF Note has been paid in full or terminated, whichever <br />is earlier. <br /> <br />“Minimum Improvements” means construction of a 60 unit, three-story workforce apartment <br />building to be known as the “Boulevard,” including underground parking and all related improvements to <br />be completed, owned, and operated by the Developer. <br /> <br />“Minimum Market Value” means $7,800,000. <br /> <br />“Mortgage” means any mortgage made by the Developer which is secured, in whole or in part, <br />with the Development Property and which is a permitted encumbrance pursuant to the provisions of <br />Article VII hereof. <br /> <br />“Payment Date” means each February 1 and August 1, commencing August 1, 20___, on which <br />principal of the TIF Note is paid. <br /> <br />“Project” means the Mounds View Economic Development Project. <br /> <br />“Project Area” means the real property located within the boundaries of the Project. <br /> <br />“Public Development Costs” means land acquisition costs, site preparation costs, including <br />demolition, costs of soil correction, and infrastructure improvements on the Development Property, costs <br />of constructing housing, or any other costs eligible to be reimbursed with tax increment. <br /> <br />“Real Estate Option Agreement” means the Real Estate Option Agreement, dated ________, <br />2018, between the City, the Authority, and the Developer regarding the Developer’s option to purchase <br />the Tax-Forfeited Property.