Laserfiche WebLink
Rc%bcd Drafl 7/J0«l <br />Rctiscd a/13/01 <br />Revised 9/2-t/Ol <br />Revised 10/17/01 <br />CITY OF ORONO <br />lIFNNKPIN COUNTY. MINESOTA <br />PLANNED UNIT DENXLOPMENT NO. 2B AGREEMENT FOR <br />ORONO WOODS APARTMENTS <br />(Name of Development) <br />ORONO SENIOR HOUSINfi L.L.C. <br />(Name of Developer) <br />THIS AGREEMENT, made and entered into this day of .. 2001, by and <br />between the City of Orono. a niunici|>al corporation organized and existing under tlie laws of the <br />State of Minnesota (hereinaOer culled "City"), aid Orono Senior Housing, LLC. a wholly owned <br />subsidiary of Wedum Foundation, a Minnesota non-profit corporation, its heirs, successors and <br />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 buildablc lots, and site plan review and approval, for the purpose of <br />developing a 62-unit Senior Housing residential building; and <br />WHEREAS, the Senior I lousing component of the development meets the goals established <br />by the City of Orono in its Community Management Plan for provision of lifecyele and affordable <br />housing for residents 62 years of age and older, and <br />WHEREAS, because the Senior Housing Building component of the Development meets <br />housing goals established by the City of Orono, the City Council has agreed to provide financial <br />assistance to the Developer for the Senior I lousing component, via Tax Increment Financing. Under <br />the terms of this agreement and the laws of the State of Minnesoui, certain costs to be incurred by <br />the Developer are eligible for TIF reimbursement, including but not necessarily limited to land <br />Page 1 of 17