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fG -3a-01 at -'7 <br /> ROUGH DRAFT AGREEMENT-April 30, 2001 <br /> CITY OF ORONO 0 o <br /> HENNEPIN COUNTY,MINESOTA <br /> PLANNED UNIT DEVELOPMENT NO. 2 AGREEMENT FOR <br /> (Name of Development) <br /> 1/ 1� <br /> Orono Ambar,LLC., a Minnesota Corporation b` <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 Ambar, LLC, a Minnesota Corporation, <br /> its heirs, successors and 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 commercial site plan review, for the purpose of <br /> developing a 62-unit Senior Housing residential building and a 25,000 s.f. Professional Office <br /> building; and <br /> WHEREAS,the Senior Housing component of the development meets the goals established <br /> by the City of Orono for provision of lifecycle and affordable housing for residents 62 years of age <br /> and older; and <br /> WHEREAS, the City of Orono has adopted a development program and tax increment <br /> financing plan to finance a portion of the development costs for the Senior Housing component of <br /> the development; and <br /> WHEREAS, the City of Orono has created and established a Tax Increment Financing <br /> District (the "TIF District")pursuant to the authority granted by Minnesota Statutes; and <br /> WHEREAS, on March 12, 2001 the City Council granted Concept Plan Approval for <br /> development of a 62-unit building for senior housing use (the "Senior Housing Building") and a <br /> 25,000 s.f.general office building(the"Office Building")per Resolution No.4619,on the condition <br /> that the Developer enter into this agreement to provide for conformance with the City's Planned Unit <br /> Development(PUD) ordinances,to provide for the installation and maintenance of improvements, <br /> and to establish and document the conditions of approval for the Tax Increment Financing (TIF) <br /> associated with the development. <br /> Page 1 of 14 <br />