07-22-2019 EDA Packet - Laserfiche WebLink

Home Search

16 solely to the obligations of the Developer to construct the Minimum Improvements (including the dates for beginning and completion thereof), the Authority Representative will furnish the Developer with a Certificate of Completion shown as EXHIBIT B attached hereto. If requested, separate Certificates of Completion will be issued for the Senior Housing Units, the Townhomes, the Clubhouse, the Skilled Nursing Units, and the Infrastructure Improvements. (b) If the Authority Representative shall refuse or fail to provide any certification in accordance with the provisions of this Section 4.4, the Authority Representative shall, within thirty (30) days after written request by the Developer, provide the Developer with a written statement, indicating in adequate detail in what respects the Developer has failed to complete the Minimum Improvements in accordance with the provisions of the Agreement, or is otherwise in default, and what measures or acts will be necessary, in the opinion of the Authority, for the Developer to take or perform in order to obtain such certification. (c) Regardless of whether a Certificate of Completion is issued by the Authority, the construction of the Minimum Improvements shall be deemed to be complete upon issuance of a certificate of occupancy by the City. Section 4.5. Affordability Covenants; Qualification of TIF District. The Authority and the Developer understand and agree that the TIF District constitutes a “housing district” under Section 469.174, subdivision 11 and Section 469.1761 of the TIF Act. In that regard, the Developer agrees that the Senior Housing Units are subject to the following affordability covenants: (a) At all times from initial occupancy of the Senior Housing Units through the Termination Date, the Senior Housing Units must comply with Section 469.1761, subdivision 3 of the TIF Act, which requires that the Senior Housing Units satisfy the income requirements for a qualified residential rental project as defined in Section 142(d) of the Internal Revenue Code. (b) In consideration of the financial assistance provided by this Agreement (from tax increment), the Developer represents and covenants that from the date the Senior Housing Units is initially occupied through the Termination Date, at least twenty percent (20%) of the residential units in the Senior Housing Units shall be available for occupancy by individuals or families whose income is fifty percent (50%) or less of the area median gross income. (c) If the Authority receives notice from the State Department of Revenue, the State Auditor, any Tax Official or any court of competent jurisdiction that the TIF District does not qualify as a “housing district,” due to the action or inaction of the Developer, such event shall be deemed an Event of Default under this Agreement; provided, however, that the Authority may not exercise any remedy under this Agreement so long as such determination is being contested and has not been finally adjudicated. In addition to any remedies available to the Authority under Article IX hereof, the Developer shall indemnify, defend and hold harmless the Authority for any damages or costs resulting therefrom, except with respect to damages or costs resulting from the gross negligence or willful misconduct of the Authority.