10-22-2001 Council Packet - Laserfiche WebLink

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City Rcprcacntations and Covenants: The City makes the following representations as the hosis for the undertaking on its part here in contained: llic City is authorized by law to enter into this Agreement and to carry out its obligations hereunder. The City will, in a timely manner, subject to all notification requirements, review and act upon all submittals and application of the Developer and will cooperate with the effort of the De\ eloper to secure the granting of any permit, license, or other approval required to construct and operate the Improvements; provided, however, that nothing contained in this subparagraph shall be constmed to limit in any way the reasonable und legitimate exercise of the City ’s discretion in considering any subniilial or appl''"'»ion. The Development Property is zoned for purptises which include the De\ elopment as proposed. The city has issued ail necessary residential plamted unit development (RPUD) approval, and plat approval of Orono Woods Addition. The City has duly taken such steps as it is required to take to approve the 'HI' District and TIP Plan pursiiant to and in accordance with the Til' Act and the City covenants to discharge such future obligation. The City acknowledges that, us a housing TIP District, the TIP District is subject to specific requirements and limitation under the TIP Act, including the requirements that: The increment be expended in accordance with the TIP Plan (Section 469.176. Subdivision 4) and solely to finance the cost of "housing projects", as defined in Seelion 469.174, Subdivision II, which may include the cost of public improvements directly related to the housing projects und allocated administrative expenses (469.176, Subdivision 4d) The income limitations under Section 469.1 761 . the violation of which may limit the TIP District’s duration to that of an economic development district (Section 469.1761. Subdivision 4) The disqualification of a project if the fair market value of its improvements which are constructed for uses other than low and oderatc income housing exceeds 20% of the total fair market value of the planned improvements in the development plan or agreement (Section 469.174, Subdivision II). Page II of 17