Orono Woods Sr Hous Project Financial Package

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9. The construction,expansion, or relocation of private utilities. 10. The construction or reconstruction of facilities to own and lease as described in the Tax Increment Financing Plans. 11. The issuance of Tax Increment Bonds to finance the Public Costs of the Redevelopment Plan,and the use of Tax Increments or other funds available to the Authority to pay or finance the Public Costs of the Development Plan incurred or to be incurred by it pursuant to the Development Agreement. 12. The use of Tax Increments to pay debt service on the Tax Increment Bonds or otherwise pay or reimburse with interest the Public Costs of the Development Plan. 13. The issuance of housing revenue bonds by the Authority or the City to finance the costs of the Project. Subsection 1-6. Funding of Developments and Redevelopments It is anticipated that the Public Costs of the Development Plan will be paid from proceeds of Tax Increment revenues. The Authority reserves the right to utilize other available sources of revenue, including but not limited to special assessments and user charges,which the Authority may apply to pay a portion of the Public Costs. Subsection 1-7. Environmental Controls All municipal actions, public improvements and private development shall be carried out in a manner consistent with existing environmental controls and all applicable Land Use regulations. Subsection 1-8. Proposed Reuse of Property The Development Plan contemplates that the Authority may acquire property and reconvey or lease the same to another entity. Prior to formal consideration of the acquisition of any property,the Authority will require the execution of a binding development agreement with respect thereto and evidence that Tax Increments or other funds will be available to repay the Public Costs associated with the proposed acquisition. It is the intent of the Authority to negotiate the acquisition of property whenever possible. Appropriate restrictions regarding the reuse and redevelopment of property shall be incorporated into any development agreement to which the Authority is a party. Subsection 1-9. Open Space to Be Created Any open space within the Project Area will be created in accordance with the zoning and ordinances of the Authority. Subsection 1-10. Administration and Maintenance of Housing Project No. 1 Maintenance and operation of the Project Area will be the responsibility of the City Administrator. Each year,the Administrator of the Project Area will submit to the Board of Commissioners the maintenance and operation budget for the following year. The Administrator of the Project Area will administer the Project Area pursuant to the provision of the HRA direction of the Authority. No action Act;provided,however,that suchpowers mayonlybe exercised at they taken by the administrator of the Project Area pursuant to the above-mentioned powers shall be effective without authorization by the Authority. Orono HRA Development Plan for Housing Project No. I I-4