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17. City Reprgsentations 4nd Covenants; 1 he City makes the following representations as the <br /> basis for the undertaking on its part here in contained: <br /> (a) The City is adthorized by law to enter into this Agreement and to carry out its <br /> obligations hereunder. <br /> (b) The City will,iv a timely manner,subject to all notification requirements,review and <br /> act upon all submittals and application of the Developer and will cooperate with the <br /> effort of the Developer to secure the granting of any permit,license,or other approval <br /> required to construct and operate the Improvements;provided,however,that nothing <br /> contained in this subparagraph shall be construed to limit in any way the reasonable <br /> and legitimate exercise of the City's discretion in considering any submittal or <br /> application. <br /> (c) The Development Property is zoned for purposes which include the Development as <br /> • •• •. Y - .' •-• .•.. • . I if I • • , _ • :• <br /> (RPUD)approval,and plat approval of Orono Woods Addition. <br /> (d) The City has truly taken such steps as it is required to take to approve the TIF District <br /> and TIF Plan pursuant to and in accordance with the TIF Act and the City covenants <br /> to discharge such future obligation. The City acknowledges that, as a housing TIF <br /> District,the TIF District is subject to specific requirements and limitation under the <br /> TIF Act, including the requirements that: <br /> (1) The ugcrement be expended in accordance with the TIF Plan (Section <br /> 469.116,Subdivision 4)and solely to finance the cost of"housing project", <br /> as defined in Section 469.174, Subdivision II, which may include the cost <br /> of public improvements directly related to the housing projects and allocated <br /> administrative expenses(469.176, Subdivision 4d) <br /> (2) The income limitations under Section 469.1761, the violation of which may <br /> limit the TIF District's duration to that of an economic development district <br /> (Sm.:tion 469.1761,Subdivision 4) <br /> (3) The di;qualification of a project if the fair market value of its improvements <br /> which are constructed fin uses other than low and moderate income housing <br /> exceeds 20%of the total fair market value of the planned improvements in <br /> the development plan or agreement (Section 469.174, Subdivision 11). <br /> Developer Initial <br /> City Clerk Initial�,,.f <br /> Page 11 of 17 <br />