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AGENDA ITEM <br />Item No.: 18 Date: September 25, 2017 <br />Item Description: Orono Woods Development Agreement Amendment <br />Presenter: Dustin Rief Agenda City Administrator's <br />City Administrator Section: Report <br />1. Purpose. Amend the Development Agreement for Orono Woods to facilitate the sale of the <br />property to new owners. <br />2. Background. The Development Agreement with Orono Woods Senior Housing, LLC. was <br />adopted on November 30, 2001 as a part of a project to build Senior Housing utilizing Tax <br />Increment Financing as a mechanism to lower development costs. The Development Agreement <br />had provisions for Tax Exempt Bonds, ground lease, age criteria requirements, tax increment <br />financing notes and construction improvement requirements for the original development of the <br />property. This Amendment to the Agreement revises those criteria by deleting the provisions that <br />have been satisfied as a part of the original agreement. This amendment also revises the age <br />based criteria to expand the pool of eligible applicants available to lease apartments. <br />3. Staff Recommendation. Staff recommends to approve the Amendment to the Orono Woods <br />Development Agreement. <br />COUNCIL ACTION REQUESTED <br />Motion to approve the Amendment to the Orono Woods Development Agreement. <br />Exhibits <br />Exhibit A. Amendment to Orono Woods Development Agreement <br />Exhibit B. Orono Woods Purchase Agreement <br />Prepared By: -'bV Reviewed By: -19X Approved By: -T <br />