Laserfiche WebLink
The Developer will, subject to the requirements of Section B - Installation and <br />Maintenance of Imprctvcments hereof, construct, operate and maintain the <br />Improvements in accordance with the terms of this Agreemcm. the requirements of <br />the TIF District and all local, state and federal laws and regulations, and will <br />construct or pay the costs of construction of any site improvements, utilities, <br />landscaping, stormwater management facilities, roads, or parking facilities w hich ore <br />necessary in connection with the construction and such impro\ ements. <br />At such time or times as may be required by law. the Developer w ill have complied <br />with all local, state and federal environmental reviews, licenses, and will be in <br />compliance with the requirements of federal, state, and local authority. <br />Tlie Developer will obtain, in a timely manner, all required permits, licenses and <br />approvals, and will meet, in a timely manner, all requirements of all local, state, and <br />federal laws and regulations which must be obtained or met before the Improvements <br />may be constructed. <br />1lic Developer ocknow ledges that the TIF District is a "housing district" as defined <br />in Section 469.174. Subdivision 11, of the TIF Act and. as such, is subject to the <br />limitations providc*d in Minnesiita Statutes, Section 469.1 74. Subdivision 11 and <br />Section 469,1761. Subdivision 3 (together, the "Restrictions"). The Developer <br />covenants that it will, with respect to the ImproNcments, observe and comply, and <br />that it will cause the require any of its permitted successors and assigns to observ e <br />and comply with such Restrictions. In particular, and without limitation, the <br />Developer covenants that at all limes prior to the expiwtion of the Term the use of <br />the property shall continue to qualify os a "housi .strict" under the TIF Act; <br />specifically, that not less than 20% of the housing inits shall be rented to tenants <br />hav ing omiual income less than 50% of area median gross income. At least oikc <br />annually, the Developer or Owner agrees to prov ide evidence satisfactory to the City <br />of Orono of compliance with the applicable income limiuition. including without <br />limitation the total number of rental units during any reporting period and income <br />verifications. <br />It is intended and agreed that the covenants provided in this Section shall remain in <br />effect throughout the Terms and shall be covenants running with the land not the <br />owner or developer. <br />Page 10 of 17