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(3) The disqualification of a project if the fair market value of its improvements <br /> which are constructed for uses other than low and moderate income housing <br /> exceeds 20% of the total fair market value of the planned improvements in <br /> the development plan or agreement (Section 469.174, Subdivision 11). <br /> Compliance with some of these restrictions is within the control of the City <br /> and compliance with some of these restrictions is within the control of the <br /> Developer and/or Owner. <br /> (4) The City of Orono acknowledges that the"deferred improvement costs"shall <br /> be in addition to the requirements of the"TIF Act"by an additional 79 years. <br /> Such costs as identified in Section 15(c) above shall be deferred and no <br /> payment shall be made to the City of Orono by the Owner if the conditions <br /> the housing remain in ownership of the"non-profit operator"and the housing <br /> be limited to senior rental units for persons aged 62 and older. At such time <br /> that said requirements are no longer met,the deferred improvement costs plus <br /> interest accrued at the annual rate of 7%compounded annually shall be repaid <br /> immediately to the City of Orono. <br /> (e) The City covenants not to take any actions,including without limitation any approval <br /> of the expenditure by the City of increment from the TIF District not applied toward <br /> payment of the TIF Note, which would violate the TIF Act, invalidate the TIF <br /> District in whole or in part or adversely affect the tax increment payment obligations <br /> to the Developer under this Agreement or the TIF Note. Nothing in this subsection <br /> shall diminish the Developer's obligations under this Agreement or create any <br /> liability of the City respecting an Event of Default. The City shall promptly give the <br /> Developer written notice and copy of any lawsuit or similar proceeding,or any threat <br /> thereof, and of any communication from the Office of the State Auditor, the <br /> Department of Revenue, Hennepin County or other public official which questions <br /> the propriety or legality of the TIF District or the expenditure of its increment. <br /> 18. Compliance. At any time and from time to time the Developer may request that the City <br /> provide the Developer a certificate certifying that that the terms and provisions of this <br /> Agreement have been complied with and that this PUD Agreement is in full force and effect <br /> g P g <br /> with respect to the development for the purpose of facilitating sale, mortgage, insurance or <br /> other matters. To the extent that there be any bona fide defaults in such compliance, the <br /> Developer shall be afforded a reasonable time to bring the development into conformance, <br /> and thereafter the City shall be obligated to provide such certificate. <br /> Page 12 of 17 <br />