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4 <br /> “Project” means the acquisition and construction, as the case may be, by the Borrower of <br />up to thirty (30) single-family detached homes containing two (2) to four (4) bedrooms of which <br />(i) at least forty percent (40%) of the homes will be sold at a price that is affordable to <br />households earning one hundred twenty percent (120%) or less of the Area Median Income, with <br />an approximate total development cost of Eight Million Eight Hundred Seventy-three Thousand <br />Dollars ($8,873,000), on certain parcels of real property generally located in the Southeast <br />neighborhood in the City. <br /> “Project Fund” means the Project Fund established and held by the City or by a <br />financial institution or custodian selected by the City for such purpose, as the case may be, for <br />purposes of paying Costs of Construction of the Project. <br />“Redevelopment Commission” means the South Bend Redevelopment Commission, <br />governing body of the District. <br />“South Side Economic Development Area” means the economic development area within <br />the District previously established by the Redevelopment Commission in accordance with <br />Indiana Code 36-7-14. <br />“State” means the State of Indiana. <br />“Tax Increment Revenues” means the property tax proceeds received by the <br />Redevelopment Commission which are derived from the assessed valuation of real property in <br />the Allocation Area in excess of the assessed valuation described in Indiana Code 36-7-14- <br />39(b)(1) and Indiana Code 36-7-14-39(b)(2), as such statutory provision exists on the date of <br />execution of this Agreement. <br />Section 1.2. Exhibits. The following Exhibits are attached to and by reference made a <br />part of this Agreement. <br />Exhibit A. Copy of Authorizing Resolution. <br />(End of Article I)