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07/12/2010 Council Packet
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07/12/2010 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
07/12/2010
Council Meeting Type
Regular
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Covenant remains in place as long as the HUD Loan and HUD Mortgage are in place <br />(35 years if the loan goes to term). <br />The Developer has also agreed to replace the original City Senior Covenant with a new <br />one that imposes the 55 age restriction through February 1, 2045 (roughly the same <br />term as the HUD Loan). The City's covenant remains in place even if the HUD <br />Mortgage is paid off early. <br />In addition, HUD agreed to add the following language in the HUD Regulatory <br />Agreement: "Developer shall not modify [the HUD Senior Covenant] without prior written <br />consent of the Authority, which consent shall not be unreasonably withheld, conditioned <br />or delayed." <br />This means that if either HUD or the developer requests an amendment to the HUD <br />Senior Covenant, the EDA may withhold consent to that as long as its decision to <br />withhold is reasonable. Since the Authority has clearly indicated a goal of long -term <br />senior use of the Property (in exchange for the City's tax increment assistance), it would <br />be reasonable for the Authority to withhold consent of any attempt to simply eliminate <br />the HUD Senior Covenant. <br />OPTIONS: <br />1. Approve Resolution No. 10 -01 <br />2. Deny approval of Resolution No. 10 -01 <br />• <br />• <br />• <br />
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