10-08-2001 Council Packet - Laserfiche WebLink

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ARTICLE II. REPRESENTATIONS AND COVENANTS Section 2.1 the LX*vclopcr. I he Developer makes the following representations and covenants: (a) l*he Developer has the legal authority and power to enter into this Agreement. (b) 1 he Developer a*asonably expects to obtain financial resources which, when combined with the assistance hereunder, will be sufilcient to enable the completion of the Improvements. (c) Tlie Developer will, subject to the provisions of Article IV' hereof, construct, operate and maintain the Improvements in accordatice with the terms of this Agreement, the PUD Agreement, the Housing Plan, the TIP Plan and all local, state and federal laws and regu.ations, and will construct or pa\ the costs of construction of any site improvements, utilities, parking facilities, or landscaping improvements which arc necessar>' in connection with the construction and operation of the Improvements. (d) At such time or limes as may be required by law, the Developer will have complied with all local, stale and federal environmental laws and regulations, will have obtained any and all necessary env ironmenial reviews, licenses or clearances under, and will he in compliance w ith the requirements of the National Environmental Policy Act of 1969, the Minnesota En\ironmental Policy .Act, and the Critical Area Act of 1973. (e) The Developer w ill obtain, in a timely manner, all required permits, licenses ajid approvals, and w ill meet, in a timely manner, all requirements of all local, slate and federal laws and regulations which must be obtained or met before the Improvements may be constructed. (0 Tlie Developer acknow ledges that the TIP District is a "housing district," as defined in Section 469.174, Subdixision 11, of the TIP Act and, as such, is subject to the limitations provided in Minnesota Slaliiles. Section 469.174, Subdivision 11 and Sect.on 469.1761, Subdivision 3 (together, the “Restrictions"). I he Developer covenants that it w ill w iih respect to the Improvements obserxe and comply, and that it will cause and require anv of its penniiied successors and assigns to obsen c and comply, w ith such Restrictions. In particular, and without limitation, the Developer covenants that at no lime prioi to the expiration of the Term shall the fair market value (determined using cost of construction, capitalized income, or other appropriate method of estimating market value) of any portion of the Improvements w hich are, w ithin the meaning of Section 469.174, Subdivision 11, constructed for commercial uses or for uses other than low and moderate inco.me housing constitute more than 20% of the total fair market value of the Improvements.