Declaration of Restricitive Covenants

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Council will be asked to adopt this resolution prior to the Final Plat approval resolution. Resolution: Approval of General Development Plan & Final Plat (Exhibit E). This Resolution documents the process and agreements that have resulted General Development Plan approval and Final Plat approval, and grants those approvals subject to the referenced agreements. #2640/2641 Dunbar Dev. Corp. October 4, 2001 Page 4 PUD 2A Agreement (Office) (Exhibit B). This Agreement documents the conditions of approval for development of the Office site (Phase 2). It establishes approval conditions for the specific site plans, approved uses, nature of the building and site improvements including access, parking, utilities, etc. It requires that the developer or his contractor provide financial security (Letter of Credit) prior to issuance of building permits for construction of site improvements or building construction. Because development of the Office site will be delayed, it requires that Council must approve the final building plans before permits can be issued. It also defines what development aspects are the responsibility of the City and which are the responsibility of the Developer. PUD 2B Agreement (Senior Housing) (Exhibit C). This Agreement documents the conditions of approval for development of the Senior Housing site (Phase 1). It establishes approval conditions for the specific site plans, building plans, landscaping, grading, access, lighting & signage, etc. It also documents the use of TIF funding and the City's intent and conditions regarding the duration of the Senior Housing use. The agreement establishes City or Developer responsibility for various aspects of the development, and requires a Letter of Credit prior to issuance of building permits. Development Agreement Relating To Orono Woods Apartments (Exhibit A). This is the primary agreement between the City, the HRA and Orono Senior Housing LLC that establishes and documents the various financing arrangements including TIF financing, Housing Bonds, etc. This document was prepared by the City's financial consultants, Steve Rosholt of Faegre & Benson LLP and includes the various representations and covenants; details the City obligations for housing bonds and subordinated housing note, deferment of fees, acquisition of the property, and construction of public improvements; establishes limitations on encumbrance, prohibitions against assignment and transfer; establishes conditions of the TIF Note and remedies in the event of default. Attached to this document is the ground lease between the HRA and Orono Senior Housing LLC with appropriate terms and conditions. Additional miscellaneous documents relating to the TIF financing, certificate of completion and partial release format, income certification form, etc. Ordinance: Rezoning, PUD Documentation (Add 10.53 Subd. 9) (Exhibit F). This Ordinance accomplishes the rezoning of Lot 1 from B-1 to B-6, and Lot 2 from B-1 to RPUD, with a concurrent additional section added to the Zoning Code formally establishing the zoning for "Planned Unit Development No. 2 - Dunbar PUD". The allowable uses within Lots 1 and 2 are individually established by ordinance, with development standards as documented in the General Development Plan Approval resolution.