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7 <br /> <br /> “Minimum Improvements” means the construction of 53 units of row-style townhomes, <br />subject to changes that may result from the City approvals that Buyer intends to obtain, to be <br />constructed by the Developer on the Property in compliance with the Construction Plans, this <br />Agreement and local, state and federal rules and regulations, with minimum project costs of no <br />less than $7,840,000.00 (land, building and development costs). <br /> <br /> “Plan” means, collectively, the Tax Increment Plans adopted by the City in connection <br />with the creation of the Tax Increment District and the Subdistrict and the Program adopted by <br />the City in connection with the creation of the Development District. <br /> <br /> “PRD” means a Planned Residential Development under Chapter 7, Article 1 of the City <br />Zoning Ordinance. <br /> <br /> “Preliminary Plans” means floor plans and sketches of the typical exterior and interior of <br />the proposed Minimum Improvements which illustrate the size and character of the proposed <br />improvements. <br /> <br /> “Program” means the Development Program adopted by the City in connection with the <br />creation of the Development District for the redevelopment of the New Brighton Elementary <br />School area, which overall site plan is attached as Exhibit E. <br /> <br /> “Project” shall refer collectively to the Redevelopment Property and the Minimum <br />Improvements. <br /> <br /> “Public Improvements” means the public improvements described on Exhibit F to be <br />constructed by the Redeveloper. <br /> <br /> “Purchase Price” means a total purchase price of $15,000.00 per townhome unit, which <br />final price shall be determined by the number of units approved by the City. As proposed, the <br />current purchase price is $795,000.00 (53 units times $15,000.00). <br /> <br /> “REA” means Reciprocal Easement Agreement as defined in Section 3.5. <br /> <br /> “Redeveloper” means Pulte Homes of Minnesota, LLC, a Minnesota limited liability <br />company, or its successor or assigns. <br /> <br /> “Redevelopment Property” or “Property” shall mean the real property of approximately <br />4.52 acres identified on Exhibit A and legally described in Exhibit B. <br /> <br /> “Redevelopment Property Deed” means the limited warranty deed, substantially in the <br />form attached as Exhibit C, to be used by the City to convey the Redevelopment Property to the <br />Redeveloper at Closing. <br /> <br /> “Site Improvements” means the improvements described on Exhibit G as qualified <br />improvements to be made on the Redevelopment Property by the Redeveloper.