10-22-2001 Council Packet - Laserfiche WebLink

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ARTICLE II. Ri:i*Ri;SHM ATIONS AND COVENAN I S Scc\ion2.l Hv the Dcveloncr. The Devclopcrmakcs ihc following rcprcscn(atw>ns and covenants: (a) The Developer has ihe legal auihorily and power to enter into this Agreement. (b) I’he Developer reasonably expects to obtain financial resources which, when combined with the assistance hereunder, w ill be sulTicient to enable the completion of the Improvements. (c) Hie Developer will, subject to the provisions of Article IV hereof, construct, operate and maintain the Improvements in accordance with ihe terms of this Agreement, tlie lU 'D Agreement, the Housing Plan, the TIF Plan and all local, state and federal laws and regulations, and will construct or pay the costs of construction of any .site improvements, utilities, parking facilities, or landscaping imprin\ en*s which arc necessarv’ in connection with the construction and operation of tl o Improvements. (d) At such time or times as may be required by law. the Developer w ill have complied with all liKal. state and federal environmental laws and regulations, will have obtained any and all nccessarv environmental reviews, licenses or clearances under, and w ill be in compliance w ith the requirements of the National Environmental Policy Act of 1969. the Minnesota Environmental Policy Act. and the Critical Area Act of 1973. (e) I he Developer w ill obtain, in a timely manner, all required pennits, licenses and approvals, and w ill meet, in a timely manner, all requirements of all local, state and federal laws and regulations which must be obtained or met before the Improvements may be constructed. (0 Hie Developer .jcknowledges that the Til- District is a “housing district.” as defined in Section 469.174. Subdivi >•■.».( 1 1, of the Til- Act and. as such, is subject to the limitations provided in Minnesota .St.4tute.s, Section 469.174. Sulnlivision 11 and Section 469.1761. Subdivision 3 (together, the “Restrictions”). I he Developer ct>venants that it will with respect to the Improvements observe and comply, and that it will cause and require any of its permitted successors and assigns to observe and comply, with such Restrictions. In particular, and without limitation, the Developer covenants that at no time prior to the expiration of the Term shall the fair market value (determined using cost of construction, capitalized income, or other appropriate metluHl of cst .mating market value) of any portion of the Improv ements w hich are. within the meaning of Section 469.174, Subdiv ision 1 1. of the TIE .Act. constructed for commercial uses or for uses other than low and moderate income housing constitute more than 20” o of the total fair market value of the Improvements. 1 he Developer repre.sents and covenants that ihrougliout the Eerm the TIE District shall continue to qualify as a “housing district" under the TIE Act; specifically, that not less than 20“'o of the rental housing units of the Irnprov ements shall be rented to persons/families that at occupancy have annual income less than 50®/b of area median gross income. TIic Developer further represents and covenants that throughout the