10-22-2001 Council Packet - Laserfiche WebLink

Home Browse Search

17. City Representations and Covenants: The City mokes the follouing representations as the basis for the undertaking on its part here in contained: (a) The City is authorized by law to enter into this Agreement and to cany out its obligations hereunder. (b) The City will, in a timely manner, subject to all notification requirements, review and act upon all submittals and application t>f the Developer and will ciMiperate with the cfToit of the Developer 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 construed to limit in any way the reasonable and legitimate e.xercise of the City ’s discretion in considering any submittal or api cation. 'Ilic Development Property is zoned for purposes which include the Development as proposed. The city has issued all necessary' residential planned unit development (RPUD) approval, and plat approval of Orono Woods Addition. The City has duly taken such steps os it is required to take to approve the 1 11- District and TIP Plan pursuant to and in accordance with the Til- Act and the City coveuants to discharge such future obligation. The City acknowledges that, as a housing TIP District, the TIP District is subject to specific requirements and limitation under the TIP Act. including the requirements that: (I) The increment be expended in accordance with the TIP Plan (Section 469.176. Subdivision 4) and solely to finance the cost of "housing projects", os defined in Section 469.174, Subdivision 11. which may include the cost of public improvements directly related to the housing projects and allocated administrative expenses (469.176, Subdivision 4d) The income limitations under Section 469.1761, 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 arc constructed for uses other than low and i .oderate income housing exceeds 20% of the total fair market value of the planned improvements in the development plan or agreement (Section 469.174. Subdivision 11). Page 11 of 17