RES 21-027 AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT

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EXHIBIT B COVENANTS AND RESTRICTIONS During the term of that certain Redevelopment Agreement between the Housing and Redevelopment Authority of St. Anthony, and SA Senior Living LLC, dated \[Month\] 1, 2021 and recorded in the Office of the Ramsey County Registrar as Document No. \[__________\] on \[____________\], 2021, the Property shall be subject to the following covenants and restrictions: 1. The Property shall not be exempt from real estate taxes notwithstanding the ownership or use of the land. 2. The Property shall not be sold, transferred, conveyed or leased to any of the following parties: (a) An institution of purely public charity; (b) A church or ancillary tax-exempt housing; (c) A public hospital; (d) A public school district; (e) An organization exempt from federal income taxes pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, if as a result of such sale, transfer, conveyance or lease the Property would become exempt from real estate taxes; or (f) A Minnesota cooperative association organized under Minnesota Statutes, Section 308.05 and 308.18 for the purpose of complying with the provisions of Minnesota Statutes, Section 273.133, subdivision 3, or any other party that would cause the Property to be valued and assessed for real estate tax purposes at a lower percentage of its market value than the Property is then being valued and assessed for real estate tax purposes or would result in the Property becoming exempt from real estate taxes. 3. The Property shall not be used for any of the following purposes: (a) The operation of a public charity; (b) A church or house of worship; (c) The operation of a public hospital; (d) The operation of a public schoolhouse, academy, college, university or seminary of learning; or B-1