10-08-2001 Council Packet - Laserfiche WebLink

Home Browse Search

landscaping, stormwater management facilities, roads, or parking facilities which are necessary in connection with the construction and such improvements. (d) At such time or times as may be required by law. the Developer will have complied with all local, state and federal environmental reviews, licenses, and will be in compliance with the requirements of federal, state, and local authorit>’. (e) The Developer will obtain, in a timely manner, all required permits, licenses and approvals, and will meet, in a timely nuinner. all requirements of all local, state, and federal law s and regulations w hich must be obtained or met before the Improvements may be constructed. (0 The Developer acknowledges that the TIF District is a "housing district" os defined in Section 469.174. Subdivision 11. of the TIF Act and. as such, is subject to the limitations provided in Minnesota Statutes. Section 469.174. Subdivision 11 and Section 469.1761. Subdivision 3 (together, the "Restrictions"). The Developer covenants that it will, with respect to the Improvements, observe and comply, and that it will cause the require any of its permitted successors and assigns to observe and comply with such Restrictions. In particular, and without limitation, the Developer covenants iliat at all times prior to the expiration of the Term the use of the property shall continue to qualify as a "housing district" under the TIP Act: specifically, that not less than 20*!'o of the housing units shall be rented to tenants having annual income less tiun 5U% of area mc^lian gross income. At least once annually, the Developer or Owner agrees to provide evidence satisfactory to the City of Orono of compliance with the applicable income limitation, including without limitation the total number of rental units during any reporting period and income verifications. (g) The Developer acknowledges that the "deferred improvement costs" shall be in addition to the requirements of the "TIF" financing. Such costs as identified in Section 15(c) aK>ve shall be deferred and no pasment shall be made to the City of Orono by the Ow ner if the housing remains in ownership of the "non-profit operator" and the housing be limited to senior rental units for persons aged 62 and older. At such time that cither condition no longer exists, the deferred amounts plus 7®/o per annum interest compounded annually shall be immediately due and payable in full. Page 10 of 17