11-13-2002 Council Agenda - Laserfiche WebLink

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(b). At least 30 days before each semi - annual payment is due on the Note, the Developer or an agent of the Developer must deliver or cause to be delivered to the EDA written evidence satisfactory to the EDA of compliance with the covenants in this Section. This evidence must include documentation of the household income of each of qualif in renter a written determination that each • ualif ing eenter's household income falls within the qualifvint limits of this Section and in the case of the units described in clause (al(il above, Section 142(d)..of the Internal Revenue Code and certification that the income documentation is correct and accurate (and, in the case of the units described in clause (a)° above, and that the determination of qualification was made in compliance with Section 142(d) of the Internal Revenue Coded In determinin • compliance with this Section the Develo s er must use the County median incomes for the ear in which the payment is due on the Tax Increment Note, all as provided by the Minnesota Housing Finance Agency 7.3. Preference for Little Canada Residents. To the extent permitted under federal and state law, the Developer must advertise the Project in the local newspaper. The Developer may advertise the Project in any manner the U.S. Department of Housing and Urban Development requires. Before advertising in other markets, Developer must; to the extent ' ermitted under federal and state law, provide information regarding the Project to the persons identified on the list of potential tenants the City has provided to Developer. In deciding between otherwise desirable prospective tenants Developer must, to the extent permitted under federal and state law, give preference to prospective tenants who are current residents of Little Canada, former residents of Little Canada or family members of current residents of Little Canada (in that order of priority). the-Tux-I+ praw -ded, the City must certify the Tax Increment Dis City's receipt of a written building permit application from the Developer 7.4. 3.5. ne dm ent toOn or before the Date of Closing, as defined in the Purchase Agreemen_.t ,_the City_mustamend_the Tax Increment Financing Plan. The Developer- is-preparing-an po Development Property, the Developer must submit a Final Plat for VILLAGE SQUARE to the City, the City must execute the Final Plat and the Developer must record the Final to men - • • • • o conform the legal description ocoon of the Tax Increment District P-repetyto the plattedlegal description of the Development Property. 113p modify the Financing Plan and certify the Tax Increment District. bud • e •- se '1 orth in the Tax Increment 1428086vdoc Red (V8 to V7) -II-