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• St. Anthony HRA .Commissioners <br /> Agenda May 24., 1983 <br /> Page 2 <br /> 11. That the redeveloper and the eventual homeowners agree not to protest <br /> any taxes to the level of that needed to pay the principal and interest <br /> on the tax increment bonds. <br /> 12. ' That any mortgage financing be limited in how it would encumber the <br /> property. <br /> 13. That the Redevelopment Contract cannot be assigned or transferred with- <br /> out the prior approval of the HRA, (with some. exceptions). <br /> 14. Section 9.1 deals with events of defaults and Section 9.2 deals with <br /> remedies for default. <br /> 15. That there be no conflict of interest, the redeveloper provides equal <br /> employment opportunities, that the HRA restricts the use of the property, <br /> the deed, provisions of the Redevelopment Contract are not merged with <br /> the deed, and that if any major problems arise, an arbitration proceed- <br /> ing is specified. <br /> 16. That the redeveloper enter into a Purchase Agreement with a non-profit <br /> • corporation for the provision of a 202/Section 8 project in Phases II <br /> or III . <br /> 17. That the redeveloper conform with the following time. schedule: <br /> - May 24 - sign the Redevelopment Contract and provide a Letter of Credit <br /> - August 2 - provide a second Letter of Credit <br /> - October 15 - closing on Phase- I <br /> - November 1 - commence construction on Phase I <br /> - April 1, 1985 complete construction of Phase I <br /> - November 30, 1985 - 'redeveloper gives written authorization to acquire <br /> Phases II and III but gives statement of reasons for deferring acqui- <br /> sition <br /> - Spring of 1984 = redeveloper begins construction on Phase II <br /> - Spring of 1986 - redeveloper.begins construction on Phase III <br />