10-25-01 6. DEVELOPMENT AGREEMENT

Home Browse Search

Improvements. The Developer represents and covenants that throughout the Term the TIF District shall continue to qualify as a "housing district" under the TIF Act; specifically, that not less than 20% of the rental housing units of the Improvements shall be rented to persons/families that at occupancy have annual income less than 50% of area median gross income. The Developer further represents and covenants that throughout the Term the housing units shall be rented only to persons 62 years of age or older. At least annually, the Developer agrees to provide evidence reasonably satisfactory to the HRA of compliance with the applicable income and age limitations, including without limitation the total number of rental units during any reporting period and income and age verifications substantially in the form of the attached Exhibit E respecting units rented to tenants meeting those limits. (g) It is intended and agreed that the covenants provided in this Section 2.1 shall remain in effect throughout the Term and shall be covenants running with the land. Except as expressly set forth in Section 5.5 hereof, the obligations under such provisions shall not be subordinated to the rights of any party having an interest in the Development Property. Section 2.2 By the City. The City makes the following representations as the basis for the undertaking on its part herein contained: (a) The City is authorized by law to enter into this Agreement and to carry out its obligations hereunder. (b) The City will, in a timely manner, subject to all notification requirements, review and act upon all submittals and applications of the Developer and will cooperate with the efforts of the Developer to secure the granting of any permit, license, or other approval required to construct and operate the Improvements; provided, however, that nothing contained in this subparagraph 2.2(b) shall be construed to limit in any way the reasonable and legitimate exercise of the City's discretion in considering any submittal or application. (c) The Development Property is zoned for purposes which include the Development as proposed. The City has issued all necessary planned unit development, conditional use permits and plat approval for the Development Property. Section 2.3 By the HRA. The HRA makes the following representations as the basis of the undertakings on its part: (a) The HRA is authorized by law to enter into this Agreement and to carry out its obligations hereunder; (b) The HRA shall cooperate with the City and the Developer with regard to the issuance of any additional permits required by the Developer to construct the Improvements. (c) The I-IRA will issue the TIF Note in consideration of Dunbar's the conveyance of the Development Property in accordance with Section 3.03. 8