09-07-2021 EDA Packet - Laserfiche WebLink

Home Search

2 units to be available to persons of low and moderate income, as described herein (the “Senior Housing Units”) and (ii) 20 detached independent living townhomes (the “Townhomes”) upon a portion of the TIF District Property; and WHEREAS, the Developer anticipates that the cost of the land acquisition, construction of Senior Housing Units, the Townhomes, and the Infrastructure Improvements (all as defined herein) to be constructed by the Developer will be approximately $65,000,000, which investment would not be feasible but for the assistance of the Authority as contemplated herein; and WHEREAS, in order to achieve the objectives of the Development Program for the Development District and make the Senior Housing Units and the Infrastructure Improvements economically feasible for the Developer to construct, the Authority is prepared to reimburse the Developer for a portion of the development costs related to the Senior Housing Units; and WHEREAS, subsequent to the execution of the Original Agreement, the Assignor assigned the Original Agreement to the Developer; and WHEREAS, the Authority believes that the development of the Senior Housing Units within the TIF District pursuant to this Agreement, and fulfillment generally of this Agreement, is in the vital and best interests of the City and the health, safety, morals, and welfare of its residents, and in accord with the public purposes and provisions of the applicable State of Minnesota and local laws and requirements under which the Senior Housing Units have been undertaken and is being assisted. WHEREAS, the parties hereto wish to enter into this Agreement to memorialize the respective duties of the Developer; and NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: (The remainder of this page is intentionally left blank.)