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landscaping,stormwater management facilities,roads,or parking facilities which are <br /> necessary in connection with the construction and such improvements. <br /> (d) At such time or times as may be required by law,the Developer will have complied <br /> with all local, state and federal environmental reviews, licenses, and will be in <br /> compliance with the requirements of federal, state, and local authority. <br /> (e) The Developer will obtain, in a timely manner, all required permits, licenses and <br /> approvals, and will meet, in a timely manner,all requirements of all local, state,and <br /> federal laws and regulations which must be obtained or met before the Improvements <br /> may be constructed. <br /> (f) The Developer acknowledges that the TIF District is a "housing district" as defined <br /> in Section 469.174, Subdivision 11, of the TIF Act and, as such, is subject to the <br /> limitations provided in Minnesota Statutes, Section 469.174, Subdivision 11 and <br /> Section 469.1761, Subdivision 3 (together, the "Restrictions"). The Developer <br /> covenants that it will, with respect to the Improvements, observe and comply, and <br /> that it will cause the require any of its permitted successors and assigns to observe <br /> and comply with such Restrictions. In particular, and without limitation, the <br /> Developer covenants that at all times prior to the expiration of the Term the use of <br /> the property shall continue to qualify as a "housing district" under the TIF Act; <br /> specifically, that not less than 20% of the housing units shall be rented to tenants <br /> having annual income less than 50% of area median gross income. At least once <br /> annually,the Developer or Owner agrees to provide evidence satisfactory to the City <br /> of Orono of compliance with the applicable income limitation, including without <br /> limitation the total number of rental units during any reporting period and income <br /> verifications. <br /> (g) The Developer acknowledges that the "deferred improvement costs" shall be in <br /> addition to the requirements of the "TIF" financing. Such costs as identified in <br /> Section 15(c) above shall be deferred and no payment shall be made to the City of <br /> Orono by the Owner if the housing remains in ownership of the"non-profit operator" <br /> and the housing be limited to senior rental units for persons aged 62 and older. At <br /> such time that either condition no longer exists, the deferred amounts plus 7% per <br /> annum interest compounded annually shall be immediately due and payable in full. <br /> Page 10 of 17 <br />