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FROM GRAY PLANT MOOTY MOOTY & BENNETT (#3) (FRI) 7. 9' 99 9:31/ST. 9:28/NO. 4261218754 P 7 <br /> facilities,walks, landscaping,utility and other onsitc improvements necessary in connection with <br /> • and in order to facilitate development of the Business Park Property. <br /> "Business Park Property" means the real property described in Exhibit A to this <br /> Agreement, on which Redeveloper will develop the Business Park Project. <br /> "Certificate of Completion" means a certificate substantially in the form attached as <br /> Exhibit C to be executed by the Authority upon completion of the Initial Improvements. <br /> "City"means the City of Elk River. <br /> "County"means the County of Sherburne. <br /> "Development" means the mixed use development consisting of the Shopping Center <br /> Project and the Business Park Project. <br /> "Development District"means Development District No. 1 for the City of Elk River. <br /> "Development Program" means the City's Development Program for the Project, as <br /> amended as of the date of this Agreement. <br /> "Development Property" means the Shopping Center Property and the Business Park <br /> Property. <br /> • "Development Schedule" means the schedule for completion of the Minimum <br /> Improvements set forth in Section 3.2(i)of this Agreement. <br /> "Elk River Business Park" means Elk River Business Park, LLC, a Minnesota limited <br /> liability corporation. <br /> "Event of Default"means any event of default described in Article IX of this Agreement. <br /> "Fischer Sand& Aggregate"means Fischer Sand&Aggregate, LLP,a Minnesota limited <br /> liability partnership. <br /> "Holder"means the owner of a Mortgage. <br /> "Improvements"means the Business Park Project and the Shopping Center Project. <br /> "Initial Improvements" means construction by Redeveloper of a minimum of 140,000 <br /> square feet of building space for retail/commercial purposes on the Shopping Center Property, <br /> and 50,000 square feet of building space for light industrial purposes on the Business Park <br /> Property, together with all roadways, parking facilities, walks, landscaping, utility and other <br /> onsite improvements necessary in connection with and in order to facilitate this development, in <br /> accordance with the Construction Plans. <br /> S <br /> -3- <br />