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TIfIS AGREEMnN*r, made and entered into as of this__day ofOctoKT, <br />2001. by and among the CITY OF ORONO, a Minnesota municipal corptiration <br />having its principal office at 2750 Kelley Parkway, Orono, Minnesota (the “Cit\* ). <br />the ORONO HOUSING AND REDHVEI.OPMHNT AUTHORITY, a body corporate <br />and politic having its principal office at 2750 Kelley Parkwav, Oiono, Minnesota (the <br />•HRA”) and ORONO SENIOR HOUSING, EEC. a Minnesota limited liability <br />company (the ‘•Developer”). <br />Wn^lESSETH: <br />WHEREAS, the Developer, the City and the HR A contemplate that the <br />Dcvelo|)cr allUCZlilMir w ill develop the property described in Exhibit A hereto (the <br />“Development Property”) as a 62-unit apartment building for seniors (the “Project”); <br />and <br />\MIERE/\S, the Developer will cause the Development Property to be <br />acquired and conveyed to the HRA under the terms and conditions of Section 3.3 <br />hereof; and <br />WTIEREAS, me HR.A w ill lease the Development Properry to the Developer <br />for use as senior housing pursuant to the Ground Eease attached hereto as Exhibit B <br />(the “Ground Eease ”); and <br />WHEREAS, the HRA will issue its Tax Increment Revenue Note in the form <br />of Exhibit C hereto (the “TIF Note”) in pasment of a portion of the costs of acquiring <br />the Development Property; and <br />WHE.REAS, the balance of the costs of the Project w ill be financed by the <br />issuance by the City of its Multifamily Senior 1 lousing Revenue Bonds (Orono <br />Woods Project). Scries 2001A (the *1 lousing Bonds”) and its Subordinate ^ <br />Multifatnily Sjnior Housing Revenue Note (Orono Woods Project), Series 2001^ (the <br />“Subordinate Housing Note") to be issued as described in Section 3.1 hereof; and <br />\3TIEREAS, the HRA has created and established Tax Increment Financing <br />District No. I-l its a housing tax increment financing district (the “TIF District”) and <br />a coterminus Housing Project Area No. I pursuant to a development program and a <br />tax increment financing plan (the “TIF Plan ”) adopted pursuant to Minnesota Statutes. <br />Sections 4( 9.001 through 469.047 and Sections 469.174 through 469.179 <br />(collectively, the “Acts”); and <br />WHEREAS, the Project and the TIF Note arc contemplated and authorized by <br />the TIF Plan; and <br />WHEREAS, the Project, the Housing Bonds and Subordinated Housing Note