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CITY COUNCIL WORK SESSION OCTOBER 6, 2004 APPROVED • 1 2 • At least 60 units must be rental units that meet the income 3 and rent limits for federal tax credits (generally, 40% of the 4 units at 60% of median income, or 20% at 50%). 5 • At least 30 units must be owner -occupied, sold at a 6 purchase price, and to initial buyers, that meet the Met 7 Council price and income limitations for affordable owner - 8 occupied housing. 9 10 E. Assessment Agreements. By at least the required dates for completion of 11 each component of the Minimum Improvements described in part B above, the 12 Developer must enter into Assessment Agreements that set a specified minimum 13 market value for the component or portion thereof. Assessment Agreements at 14 specified levels must in any case be in effect before the interfund loan is disbursed 15 (See Part II.B above) and before TIF Bonds are issued (See Part III.0 below) 16 17 IV. Public Improvements. 18 19 A. The City will construct all streets, sewer, water, stormsewer and related 20 infrastructure to serve the entire Development Property (referred to as the "Public 21 Improvements"). The City will also construct improvements to the Lake Drive/I- 22 35 intersection (referred to as the "Lake Drive Improvements"). .23 24 B. The City will assess the Development Property for most of the cost of the 25 Public Improvements, up to a maximum of $5,382,865. Park dedication fees and 26 a small amount of City utility funds will also be used. 27 28 C. The City will finance the Lake Drive Improvements mostly through 29 issuance of general obligation tax increment bonds (the "TIF Bonds"). The City 30 is not required to issue the TIF Bonds and begin the Lake Drive Improvements 31 until the Developer has signed Assessment Agreements that provide sufficient tax 32 increment to pay both the TIF Bonds and the interfund loan (described in Part II 33 above). As noted above, the TIF Bonds have the first claim on all tax increment. 34 35 V. Transfer/Partners. 36 37 The Developer may not assign or other transfer its rights and obligations under 38 Contract without the EDA's prior consent in writing. However, it is anticipated 39 that the Developer will sell portions of the Development Property to 40 subdevelopers (each a "Subdeveloper") and transfer certain rights and obligations 41 under the Contract to those parties to undertake certain portions of the project. 42 The EDA must approve the Subdeveloper and the terms of the transfer in writing 43 in each such case. This approval does not apply for any transfer to an affiliate of 44 the Developer. 45 •46 47 48