2001 - Orono Senior Housing L.L.C.- PUD #2B agreement

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a 2) At the end of the 99-year lease term, the City will sell Lot 2 back to the Develdper/Owner for the sum of$1.00. (b) During the 99 year term of the lease,the building shall be-owned-and operated by a non-profit coloration. (c) During the terM of the TIF funding as described in this document,the Developer shall limit the rentaljprice of 20%of the units per the TIF Agreement,and all 62 units shall be used only fdr housing of seniors age 62 and older,with rental preference given to Orono residents,per the terms and conditions of the"Senior Housing Restriction"and the"Orono Preference Requirement"as stated within that certain document entitled "Development Agreement Relating to Orono Woods Apartments (Including Tax Increment Financing District No. 1-1)Between City of Orono,Orono Housing and Redeveloprne*.t Authority and Orono Senior Housing, LLC" (hereinafter the "Development Agreement"). • (d) The City has agreed to defer Sewer and Water Connection Fees in the amount of $40,838 and Park Dedication Fees in the amount of$161,200 that would otherwise be due at the time of development of the Senior Housing. Such fees (hereinafter "deferred impeovemcnt costs")shall be payable only in the event that the Developer. violates the "Senior Housing Restriction" as set forth in the "Development Agreement". In that event such fees shall be immediately due and payable together with interest vn the&fened amounts computed at the rate of 7%per annum from the date of said"Development Agreement". If there is no incurred default under section 3.2 of the"De'4elopment Agreement"on the date specified in said Agreement,the fees are forgiven asd the City shall look solely to to tax increment from the TIF District for the reimbutsement of such fees. i 6. D-vele•-r ,e.r- ent -• and C.v- .n . '1 he Developer hereby makes the following ieprescntations and cOvenaaits. (a) The Developet has the legal authority and power to enter into this Agreement. (b) The Developer reasonably expects to obtain financial resources which, when combined with the assistance hereunder,will be sufficient to enable the completion of the Improvements. Developer_lnitial City Clerk Initial Page 9 of 17 J!