10-22-2001 Council Packet - Laserfiche WebLink

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acquisition, road/curb/guttcrand storm ix'vvcr improvements, grading and related site improvements, sewer connection fees, and park dedication fees. Certain additional costs to be incurred by the City in direct relation to the Senior Housing Building component are eligible for TIF reimbursement, such costs including but not necessarily limited to sidewalk expansion and replacement, public street lighting, burial of existing overhead power lines, installation of semaphore and related improvements at Brown Road North and Highway 12, and re-striping and/or widening of Highway 12 to aecommodate the si>uth access point; and WHEREAS, the City of Orono has adopted a development program and tax increment Financing plan to finance a portion of the development costs for the Senior Housing conirKUienl of the development; and WHEREAS, the City of Orono has created ana established a Tax Increment Financing District (the "TIF District") pursuant to the authority granted by Minnesota Statutes; and WHEREAS, on March 12. 2001 the City Council granted Concept Plan Appro\al for development of a 62-unit building for senior housing use (the "Senior Housing Building") and a 25.000 s.f. general office building (the "Office Building") per Resolution No. 46 1 9. on the condition that the Developer enter into this agreement to provide forconfomiance with the City's Planned I ’nit Development (PUD) ordinances, to provide for the installation and maintenance of improvements, and to establish and document the conditions of approval for the Tax Increment Financing (TIF) asstKiat.’d with the development. NOW, THEREFORE, in consideration of the premises, and of the actual promises and conditions hereinaficr contained, it is hereby agreed as follows: A. Ceneml Terms and Conditions 1. Property Description. Outlet F. Sugar Woods according to the plat thereof on file in the otTice of the Registrar ofTitles of Hennepin County, Minnesota (sometimes herein referred to os the "Property"). The property description to which this Agreement for the Senior flousing component of the development applies is Lot 2, Block 1. Orono Ambar. 2. Zonine . The property is zoned os a Planned Unit Development under the Orono planned unit development ordinance with underlying RPUD zoning for the Senior Housing component on Lot 2. Page 2 of 17