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#2640/2641 Dunbar Dev. Corp. <br /> October 4, 2001 <br /> Page 4 <br /> PUD 2A Agreement(Office)(Exhibit B). This Agreement documents the conditions of approval <br /> for development of the Office site(Phase 2). It establishes approval conditions for the specific site <br /> plans, approved uses, nature of the building and site improvements including access, parking, <br /> utilities, etc. It requires that the developer or his contractor provide financial security (Letter of <br /> Credit) prior to issuance of building permits for construction of site improvements or building <br /> construction. Because development of the Office site will be delayed,it requires that Council must <br /> approve the final building plans before permits can be issued. It also defines what development <br /> aspects are the responsibility of the City and which are the responsibility of the Developer. <br /> PUD 2B Agreement(Senior Housing)(Exhibit C). This Agreement documents the conditions of <br /> approval for development of the Senior Housing site (Phase 1). It establishes approval conditions <br /> for the specific site plans, building plans, landscaping, grading, access, lighting & signage, etc. It <br /> also documents the use of TIF finding and the City's intent and conditions regarding the duration <br /> of the Senior Housing use. The agreement establishes City or Developer responsibility for various <br /> aspects of the development, and requires a Letter of Credit prior to issuance of building permits. <br /> Development Agreement Relating To Orono Woods Apartments (Exhibit A). This is the <br /> primary agreement between the City,the HRA and Orono Senior Housing LLC that establishes and <br /> documents the various financing arrangements including TIF financing,Housing Bonds,etc. This <br /> document was prepared by the City's financial consultants, Steve Rosholt of Faegre&Benson LLP <br /> and includes the various representations and covenants; details the City obligations for housing <br /> bonds and subordinated housing note,deferment of fees,acquisition of the property,and construction <br /> of public improvements; establishes limitations on encumbrance,prohibitions against assignment <br /> and transfer; establishes conditions of the TIF Note and remedies in the event of default. Attached <br /> to this document is the ground lease between the HRA and Orono Senior Housing LLC with <br /> appropriate terms and conditions. Additional miscellaneous documents relating to the TIF financing, <br /> certificate of completion and partial release format, income certification form, etc. <br /> Ordinance: Rezoning, PUD Documentation (Add 10.53 Subd. 9) (Exhibit F). This Ordinance <br /> accomplishes the rezoning of Lot 1 from B-1 to B-6,and Lot 2 from B-1 to RPUD,with a concurrent <br /> additional section added to the Zoning Code formally establishing the zoning for "Planned Unit <br /> Development No. 2 - Dunbar PUD". The allowable uses within Lots 1 and 2 are individually <br /> established by ordinance,with development standards as documented in the General Development <br /> Plan Approval resolution. <br /> COUNCIL ACTION REQUESTED <br /> 1. Staff requests that Council review the site plan, landscaping, signage and building <br /> plans for the Senior Housing site (Phase 1) attached as Exhibits H-I-J, and advise staff <br /> and/or the developer of any issues that need to be addressed before the October 22nd <br /> meeting. <br />