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City of Minnetonka City Council Policy 13.2 Recorded Agreements, Conditions and Restrictions A declaration of restrictive covenants shall be executed between the city, EDA and developer, in a form approved by the city’s EDA attorney, which formally sets forth development approval and requirements to achieve affordable housing in accordance with this policy. The declaration shall identify: • The location, number, type, and size of affordable units to be constructed; • Sales and/or rental terms; occupancy requirements; • A timetable for completion of the units; and • Annual Tenant income and rent reporting requirements; and • Restrictions to be placed on the units to ensure their affordability and any terms contained in the approval resolution by the city/EDA. The applicant or owner shall execute all documents deemed necessary by the city manager, including, without limitation, restrictive covenants and other related instruments, to ensure affordability of the affordable housing unit within this policy. The documents described above shall be recorded in the Hennepin County as appropriate. Definitions Affordable Dwelling Unit: A unit within a residential project subject to this policy that shall meet the income eligibility and rent affordability standards outlined in this policy. Financial Assistance: Funds derived from the city or EDA, including but is not limited to fund from the following sources: • City of Minnetonka • Housing Redevelopment Authority (HRA) Funds • Economic Development Authority (EDA) Funds • Community Development Block Grant (CDBG) • Reinvestment Assistant Program • Revenue Bonds and/or Conduit Bonds • Tax increment financing (TIF), TIF pooling, or tax abatement • Land write downs • Other government housing development sources Adopted by Resolution 2019-060 Council Meeting of July 8, 2019 Page 4 of 4 28