11-13-2002 Council Agenda - Laserfiche WebLink

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(a) The EDA and the Developer understand and_ Agree that the Tax Increment District will constitute a "housing district" under Section 469.174, Sad. 11 of the Tax Increment Act. Accord9ngly�in compliance with Section 469.1761, Subd. 3 of the Tax Increment Act, the Developer awes that the Minimum Improvements must satisfy_the income requirements for a qualified residential rental uroject as defined in Section 142A of the Internal Revenue Code. The EIDA further determines, in accordance with Section 469.174 Subd. 11 of the Tax Increment Act; that certain additional units that are not income-limited under Section 142(d)of the Internal Revenue Code must meet income limitations imposed by the City as described herein. As a resuhe parties agree that no more than 20% of the fair_ market value of the Minimum Improvements may be used for an rLurpose other than low and moderate income housing. The Developer must meet the above requirements as follows_ Requirements. In acbordance with the provisions of Minn €sota - Statutes; Section . - , : !: : e -- . • . . Me-the Termination-Dater atAt least 50% of the residential units in the Project will -must be occupied or available for occupancy-by indivi4ualspersons whose inueme-isincomes do not exceed 80% Hof the County median gross ince . T eloper will establish such monitoring re nts for an in the Project as the- Gut. On or bete. nee Certificate, in substan Cached as Exhibit jest was or was not in c. . '. .- - visions of r the Developer incomj OA) At Least 80% of the residential units in the Project must be occupied or available for occupancy to persons whose incomes do not exceed 110% of the County median income; and iii) 100% of the residential units in the Project must be occupied or available for occupancy by persons whose incomes do not exceed 150% of the County median income. The limits described in clauses i iijand (iii) must be satisfied commencing with the date on which at least 10% of the units in the Minimum Improvements are occupied and cont inuin throw ip r tireTermination Date. Income for occupants of emits described in clause(ii) shall be adjusted for family size in accordance with Sectiors_i42jof the Intern!' Revenue Code and related regulations. Income for occupants of units described in clause (ii) and (liitneed._not be adjusted for family suze, and shall be based upon the gross income for a family_f four. 1428086vdoc Red (V8 to V7) -10-