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10/02/97 THU 17:05 FAX 16122889400 HOJ.MFS&GALEY,LTD 0i009 <br /> C. The MPHA shall be responsible for administering the processing of the Proposal • <br /> and obtaining its approval by HUD. <br /> D. The City shall be responsible for all liaison with the Metropolitan Council and the <br /> Minnesota Housing Finance Agency with respect to all other funding affecting <br /> Silver Lake. <br /> E. The City will provide to the MPHA a copy of the City's affirmative action plan <br /> and the MPHA will provide the City with a copy of the current MPHA plan. The <br /> parties will make reasonable efforts to coordinate the substance and <br /> implementation of these plans in the development and operation of the MHOP <br /> Units. <br /> F. The City will monitor the application of federal Davis-Bacon wage requirements <br /> which shall apply to the development of Silver Lake provided that the Housing <br /> Development Agreement between the MPHA and the Partnership shall require the <br /> Partnership and construction contractors to provide the City such information as it <br /> may reasonably require in order to meet its obligation hereunder. <br /> II. DEVELOPMENT. The MPHA shall enter into a Housing Development Agreement <br /> with the Partnership which will: <br /> A. Establish the design and construction specifications of the MHOP Units; • <br /> B. Confirm the amenities to be provided within and around Silver Lake; <br /> C. Provide that the level of MHOP funding for Silver Lake will equal certified <br /> construction costs (pro rata based on bedroom size); <br /> D. Provide that the operating subsidy reserve fund be drawn upon in the event <br /> operating subsidies paid by the MPHA are inadequate to pay the difference <br /> between MHOP Unit income and expenses, as defined below; <br /> E. Provide for the draw-down of public housing development funds on a pro rata <br /> basis with other Silver Lake funding sources; <br /> F. Establish a system by which the MHOP units within Silver Lake will not be <br /> physically identified, but rather will "float" throughout the development <br /> depending upon vacancies and availability; <br /> G. Identify the system for construction inspections, cost certifications and <br /> development audits; <br /> • <br /> H. Require execution by the Partnership of the Regulatory and Operating Agreement <br /> and a Declaration of Restrictive Covenants creating a covenant running with the • <br /> land obligating the Partnership, as owner of Silver Lake, and all successors in <br /> interest to maintain and operate the MHOP Units in compliance with all <br /> D:1MNN125\0I IIDOCSIINITIAL.DOC 7 N IT1AI.AGREEMENT <br /> MPI-IA.CITY OF MOUNDS VIEW <br /> SILVER LAKE DEVELOPMENT <br />