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financial need for assistance. Specific steps the City is willing to take subject to statutory authority, its legislative judgment, and economic viability include the following: (a) Write -Down of Land Costs. The City hereby commits to a write -down of the land costs for the Southeast Property in an amount to be determined based upon the projects contemplated for that Property and to be specified in the Development Agreement for such Property. The City hereby commits to convey the Northeast Property to the Redeveloper for a purchase price of $1 to be specified in the Development Agreement for such Property. (b) Existing TIF. The City covenants that the Redevelopment Properties are currently part of a 25 year redevelopment TIF district known as the Rice Street /Little Canada Road Redevelopment District, #3 -2 Tax Increment District (the "Existing TIF District "). The City agrees that the final Development Agreement for the For Sale Housing Component will provide that TIF proceeds from the real property comprising such Component will be available for such Component. (c) New TIF. The City agrees to take all necessary actions to create a Housing Tax Increment District (the "Housing TIF District ") for the Rental Housing Component and that the final Development Agreement for the Rental Housing Component will provide that TIF proceeds from the Housing TIF District will be available for such Rental Housing Component. The City agrees to issue a "pay as you go" TIF Note in connection with the Rental Housing Component. (d) Grants and Loans. The City and the Redeveloper agree to pursue grant and other loan funding sources that may contribute to the Redevelopment Projects such as follows: (i) The City agrees to apply for funds from the Livable Communities Program sponsored by the Metropolitan Council. The Redeveloper agrees to provide assistance to the City to the extent necessary to complete the application. (ii) The Redeveloper agrees to Ramsey County for HOME Funds. (iii) The Redeveloper agrees to apply to the Minnesota Housing Finance Agency ( "MHFA ") for an allocation of Tax - Exempt Bonds for the Rental Housing Component. If Tax - Exempt Bonds are not available through MHFA, the City and the Redeveloper agree to apply to the State of Minnesota Department of Finance for an allocation of Tax - Exempt Bonds for the Rental Housing Component. (iv) The Redeveloper agrees to apply for contaminated soil remediation funds. The parties acknowledge any funds received to remediate contaminated soil located on the Northeast Property will subject to the terms and 4