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Revised Draft 7/30/01 <br /> Revised 8/13/01 <br /> Revised 9/24/01 <br /> Revised 10/17/01 <br /> CITY OF ORONO <br /> HENNEPIN COUNTY, MINESOTA <br /> PLANNED UNIT DEVELOPMENT NO. 2B AGREEMENT FOR <br /> ORONO WOODS APARTMENTS <br /> (Name of Development) <br /> ORONO SENIOR HOUSING L.L.C. <br /> (Name of Developer) <br /> THIS AGREEMENT, made and entered into this day of , 2001, by and <br /> between the City of Orono, a municipal corporation organized and existing under the laws of the <br /> State of Minnesota (hereinafter called "City"), and Orono Senior Housing, LLC, a wholly owned <br /> subsidiary of Wedum Foundation, a Minnesota non-profit corporation, its heirs, successors and <br /> assigns (hereinafter called "Developer"). <br /> WITNESSETH: <br /> WHEREAS, the Developer has made application to the City Council for approval of a <br /> Planned Unit Development rezoning application(PUD)including a comprehensive plan amendment, <br /> subdivision to create two buildable lots, and site plan review and approval, for the purpose of <br /> developing a 62-unit Senior Housing residential building; and <br /> WHEREAS,the Senior Housing component of the development meets the goals established <br /> by the City of Orono in its Community Management Plan for provision of lifecycle and affordable <br /> housing for residents 62 years of age and older; and <br /> WHEREAS,because the Senior Housing Building component of the Development meets <br /> housing goals established by the City of Orono, the City Council has agreed to provide financial <br /> assistance to the Developer for the Senior Housing component,via Tax Increment Financing. Under <br /> the terms of this agreement and the laws of the State of Minnesota, certain costs to be incurred by <br /> the Developer are eligible for TIF reimbursement, including but not necessarily limited to land <br /> Page 1 of 17 <br />