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• "Condominium Developer" means Bluff Block, LLC, an affiliate of the Developer, its <br /> successors and assigns. <br /> "Construction Costs" means the capital costs of the construction of the Minimum <br /> Improvements, including, but not limited to, the costs of labor and materials; construction <br /> management and supervision expenses; insurance and payment or performance bond premiums; <br /> architectural and engineering fees and expenses; usual and customary fees or costs payable to the <br /> City or any other public body with regulatory authority over construction of the Development <br /> (e.g. building permits and inspection fees); and all other costs chargeable to the capital account <br /> of the Development under generally accepted accounting principles, excluding Developer's <br /> Overhead Costs. <br /> "Construction Loan" means the -construction loan or loans to be made by the <br /> Construction Lender to provide financing for the construction of Minimum Improvements. <br /> "Construction Lender"means a financial institution selected by the Developer. <br /> "Construction Plans" means the plans, specifications, drawings and related documents <br /> for the construction of the Minimum Improvements which shall be as detailed as the plans, <br /> specifications, drawings and related documents which are submitted to the building inspector of <br /> the City. <br /> "County" means Sherburne County, Minnesota. <br /> III "Debt Service Coverage Ratio" means the ratio determined by dividing the estimated <br /> annual amount of Pledged Tax Increment to be received in a calendar year by the maximum <br /> amount of principal and interest due in any calendar year. <br /> "Deed" means the quit claim deed executed by the City conveying the Jackson Block <br /> Property to the Developer, in the form attached hereto as Exhibit C. <br /> "Developer" means MetroPlains Development, LLC, a Minnesota limited liability <br /> company, its successors or assigns. <br /> "Developer Event of Default" means the occurrence of an Event of Default set forth in <br /> Section 9.2 hereof. <br /> "Developer's Documents" means the documents to be delivered pursuant to Section <br /> 3.7(c) of this Agreement. <br /> "Developer's Overhead Costs" means an amount during the construction and marketing <br /> period of (i) the Jackson Block Housing Project units equal to $205,000; (ii) the Bluff Block <br /> Housing Project units equal to $336,000; provided that such amount does not include any <br /> amount paid to the Condominium Developer as the general contractor for the Bluff Block <br /> Housing Project; (iii) the Jackson Block Commercial Project units equal to $60,000; and (iv) the <br /> Bluff Block Commercial Project units equal to $70,000. <br /> III • <br /> 1674205v8 5 <br />