09-25-2017 Council Packet - Laserfiche WebLink

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"Orono Preference Requirement" as stated within that certain Development Agreement Relating to Orono Woods Apartments (Including Tax Increment Financing District No. 1-1) between the City or Orono, Orono Housing and Redevelopment Authority, and Orono Woods Apartments, LLC, as amended from time to time (hereinafter the "Development Agreement"). 4. Sale of Lot to Developer at End of Lease. Section 15(a)(2) is deleted. The lease referenced in Section 15(a) has been terminated, and the City/HRA has conveyed fee title of the previously -leased land to Developer prior to or contemporaneously with this Amendment. 5. Termination of Non -Profit Corporation Ownership. Section 15(b) is deleted. 6. No Violations by Original Developer. The Original Developer did not violate the Senior Housing Restriction, and has completed the Improvements as specified in the PUD to the satisfaction of the City and HRA. All covenants and obligations incurred by the Original Developer were fulfilled or completed to the satisfaction of the City and HRA. 7. Notices and Demands. Section 20 is amended to: With a Copy to: Notice to Developer: Orono Woods Apartments, LLC Attn: Frank Lang, Eugene Nelson, and Caitlin Goff 4601 Excelsior Blvd., Suite 650 Minneapolis, MN 55416 Ravich Meyer Kirkman McGrath Nauman & Tansey, P.A. Attn: David E. Kirkman 150 South Fifth Street, Suite 3450 Minneapolis, MN 55402 8. No Right of EntrX. Section 25 is deleted. The Improvements have been completed. 9. Development Agreement Unaffected. Except as modified or amended by this instrument, the PUD will remain in full force and effect pursuant to its terms. 10. Signatures in Counterparts and/or by Electronic Transmission. The undersigned agree that this instrument may be signed in any number of counterparts, each of which will constitute an original, with all such counterparts together constituting one and the same instrument. [The balance of this page intentionally left blank. Signature page attached]