09-25-2017 Council Packet - Laserfiche WebLink

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Lease"); and (v) that certain Development Agreement relating to Orono Woods Apartments (including Tax Increment Financing District No. 1-1) dated November 30, 2001 (the "Development Agreement"). Prior to or contemporaneous with this Amendment, the City/HRA has conveyed to the Developer fee title to Lot 2, Block 1, Orono Ambar, Hennepin County, Minnesota, and the HRA and the Developer have terminated the Ground Lease and entered into that certain Declaration of Restrictive Covenants (the "Declaration"). Moreover, the City/HRA and Developer have entered into that certain Amendment to the Development Agreement. The parties wish to amend and modify certain provisions of the PUD, and have entered into this instrument to memorialize such changes. NOW, THEREFORE, the parties agree as follows: 1. Recitals. The above "Background" recitals are expressly incorporated in this Amendment by reference as if fully stated as additional terms and conditions of this Amendment. 2. Developer. All references to "Developer" in the PUD shall be amended to delete "Orono Senior Housing, LLC" and to add "Orono Woods Apartments, LLC". 3. Senior Housing. a. The Second full paragraph in the recitals of the PUD shall be amended to delete "62 years of age and older" and to add "55 years of age and older, as provided in herein". b. Section 15 shall be amended to delete "age 62 and older" and to add the following: "age fifty-five (55) years of age or older (the "Senior Housing Restriction"). The Senior Housing Restriction will be deemed satisfied if a married couple rents a rental housing unit in the Project and one of the spouses is 55 years of age or older, even though the other spouse is younger than 55 years of age. Moreover, if a housing unit is leased to a married couple, one of whom is 55 years of age or older, and one of whom is less than 55 years of age, and if the older spouse dies, or due to health reasons must relocate to a nursing home or similar facility, then the younger spouse remaining in the housing unit will continue to be deemed to meet and satisfy the Senior Housing Restriction, even if he/she is less than 55 years of age." c. Section 15(c) shall be amended to read in its entirety: (c) During the term of the TIF funding as described in this document, the Developer shall limit the rental price of 20% of the units per the TIF Agreement, and all 62 units shall be used only for housing of seniors, with rental preference given to Orono residents, per the terms and conditions of the "Senior Housing Restriction" and 2