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' Original Draft 7/6/01 ' Z3-166807 <br /> Revised Draft 700/01 <br /> Revised Draft 8/13/01 <br /> Revised Draft 9/24/01 <br /> Revised Draft 10/17/01 <br /> Final 11-28-01 <br /> CITY OF ORONO t�- <br /> J-IENNEPIN COUNTY,MINESOTA ' <br /> PLANNED U1$IT DEVELOPMENT NO.2B AGREEMENT FOR <br /> ORONO WOODS APARTMENTS <br /> (Name of Development) <br /> (MONO SENIOR HOUSING L.L.C: <br /> (Name of Developer) <br /> - , ... - - . ' • ' c-_ ., of p4_‘4.,.,15.4..,, 2001, by and <br /> between the City of Orono, aimunicipal corporation organized and existing under the laws of the <br /> State of Minnesota(hereinaftr called "City"), and Orono Senior Housing, I,1-C, a wholly owned <br /> subsidiary of Wedum Found$tion, a Minnesota non-profit corporation, its heirs, successors and <br /> assigns(hereinafter called "Developer"). <br /> WITNESSETH: <br /> WHEREAS, the De'1eloper has made application to the City Council for approval of a <br /> Planned Unit Development rezoning application(PUD)including a comprehensive plan amendment, <br /> subdivision to create two buildable lots, and site plan review and approval, for the purpose of <br /> developing a 62-unit Senior Housing residential building;and <br /> WHEREAS,the Senior Housing component of the development meets the goals established <br /> by the City of Orono in its Community Management Plan for provision of lifecycle and affordable <br /> housing for residents 62 years of age and older; and <br /> WHEREAS,becaasethe Senior Housing Building component of the Development meets <br /> housing goals established by the City of Orono, the City Council has agreed to provide financial <br /> assistance to the Developer for the Senior Housing component,via Tax increment Financing. Under <br /> the terms of this agreement and the laws of the State of Minnesota, certain costs to be incurred by <br /> the Developer are eligible for TIF reimbursement, including but not necessarily limited to land <br /> Developer Initial <br /> " City Clerk Initial1 <br /> Page I of 17 <br /> J� <br /> 1 <br />