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Vi <br />#2640/2641 Dunbar Dev. Corp. <br />October 4,2001 <br />Page 4 <br />PUD 2A A^rcf men! (Office) (Exhibit B). This Agreement documents the conditions of approval <br />for development of the Ofllcc 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 arc the responsibility of the Developer. <br />PUP 2B Affcerocnt (Senior llousinf> (Exhibit lliis 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 funding and the City’s intent and conditions regarding the duration <br />of the Senior I lousing 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 />Pcvciopincnt Agreement Rciatiny To Orono Woods Apartments {Exhibit Ah 'I his is the <br />primary* agreement between the City, the HRA and Orono Senior I lousing LLC that establishes and <br />documents the various financing arrangements including TIF financing, I lousing Bonds, etc. This <br />document was prepared by the City’s financial consultants, Stese Rosholt of Faegre & Bensim 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 betwircn the WRA 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; Rc/ontng. PUD Documentation (Add 10.53 Subd, 91 (Exhibit Fi, I his Ordinance <br />accomplishes the re/oning of Lot I fromB-l toB>6,and Lot2fromB-l 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”, fhe allowable uses within Lots I and 2 are individually <br />established by ordinance, w ith development standards as documented in the General Development <br />Plan Approval resolution. <br />COUNCIL ACTION RKQULSTLD <br />Staff requests that Council review the site plan, landscaping, signage and building <br />plans for the Senior Housing site (Phase I) attached as Exhibits H-l-J, and advise staff <br />.ind/or the developer of any issues that need to be addressed before the October 22nd <br />meeting. <br />I