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<br />"Developer's Representative" means the President of the Developer, or his or her <br />designee evidenced in writing to the City. <br /> <br />"Development" means the Development Property and the Minimum Improvements. <br /> <br />"Development Property" means the Bluff Block Property and the Jackson Block <br />Property. <br /> <br />"Eligible Costs" means the costs identified on Exhibit G attached hereto. <br /> <br />"Event of Default" means any of the events described in Sections 9.2 or 9.3. <br /> <br />"Excess Profit" means the total amount of Profit received by the Developer from Sale of <br />. the units in' the portion of the Development in which units are sold and not leased in excess of <br />Allowable Profit, as determined by the' Profit Statements submitted by the Developer and <br />calculated as described in Section 5.3. <br /> <br />"Excess Funding" means the total amount of Funding for the portion of the Development <br />in which units are leased and not sold in excess of Total Development Costs of such portion of <br />the Development, as determined by the Sources and Uses Statement submitted by the Developer <br />and calculated as described in Section 5.3. <br /> <br />"Fair Nlarket Value" means the estimated fair market value as determined by the "Three <br />Appraiser Method," whereby the Developer and the City each select an appraiser who submits a <br />sealed appraisal. Upon simultaneous opening of the two appraisals, Fair Market Value shall be <br />defined as the arithmetic average between the two appraisals, unless the two appraisals shall be <br />more than 5.0% apart in value. If the two appraisals are more then 5.0% apart, the two <br />appraisers shall jointly select a third appraiser and the Fair Market Value shall be determined as <br />the arithmetic average between the three appraisals. If the two appraisers cannot agree upon the <br />selection of a third appraiser, either the Developer or the City ;may submit the selection to <br />binding arbitration. <br /> <br />"Final Payment Date" means Februaiy 1, 2032 or on such later date as the City receives <br />available Tax mcrement as a result of the payment of real property taxes that were delinquent on <br />February 1,2032. <br /> <br />"Funding" means the portion of the Construction Loan, cash equity contributed by the <br />Developer, the Ta.x Increment Revenue Note, any additional assistance provided by any other <br />governmental entity and any other sources of funding for the MininllUTI Improvements as set <br />forth in the Sources and Uses Statement. <br /> <br />"Jackson Block Commercial Project" means approximately 13,000 square feet of retail <br />space, together with related parking facilities, to be constructed on the Jackson Block Property. <br /> <br />"Jackson Block Development" means the demolition and clearance of the existing <br />structures located on the Jackson Block Property <)nd the construction of th.e Jackson Block <br />Housing Project and the Jackson Block Commercial Project. <br /> <br />I 674205v9 <br /> <br />6 <br />