CC PACKET 06122012 - Laserfiche WebLink

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M of the Project Area as a tax increment financing district (the "TIF District') pursuant to the TIF Act, and determined that absent such authorization and the provision of certain funds to undertake various qualified redevelopment activities, the redevelopment contemplated herein would not be undertaken, and as a consequence the Authority and City have adopted a TIF Plan and established the Project Area as the St. Anthony TIF District No. 3-5, a redevelopment TIF District pursuant to the TIF Act; and WHEREAS, the City and the Authority certified the TIF District on December 31, 2003; and WHEREAS, the Developer is proposing to acquire approximately 2.65 acres in the Project Area (the "Development Property") and construct approximately 152 senior rental housing units, including at least 20% low and moderate income units, and related parking improvements (the "Minimum Improvements'; and WHEREAS, the Development Property consists of three separate parcels of land and the Developer has entered into two purchase and sale agreements to acquire the parcels. To acquire the southern portion of the Development Property (the "Southern Parcel"), the Developer will enter into a purchase and sale agreement with Apache Redevelopment, LLC (the "Southern Parcel Purchase Agreement"). To acquire the two parcels of land which comprise the northern portion of the Development Property (the "Northern Parcels"), the Developer will simultaneously with the execution of this Agreement enter into a purchase and sale agreement with the Authority, dated May _, 2012, (the "Northern Parcels Purchase Agreement"); and WHEREAS, upon satisfaction of certain conditions set forth in this Agreement, the Authority has agreed to issue a TIF Note to provide funds to pay for, or reimburse, the Developer for certain Qualified Redevelopment Activities to aid in the redevelopment of the Development Property (the "TIF Note"); and WHEREAS, the Authority believes that the Development is in the best interests of the residents of the City and will provide environmental benefits, will increase available rental housing, including increased opportunities for new types of housing and low and moderate income housing, including new life cycle housing choices desirable for the community, will remove and prevent the emergence of blight, will increase the tax base of the City, and will otherwise benefit the health, safety, morals and welfare of the residents of the City, in accordance with the public purpose and provisions of the applicable State and local laws and requirements under the Redevelopment Plan. NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the others as follows: ARTICLE I DEFINITIONS Section 1.1 Definitions. All capitalized terms used and not otherwise defined herein shall have the following meanings unless a different meaning clearly appears from the context: