8.3 SR 04-04-2022 - Laserfiche WebLink

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(4) Any interest accruing on Pledged Tax Increments held by the City pending payment to the Developer shall accrue to the benefit of the City. (5) The TIF Note shall be a special and limited obligation of the City and not a general obligation of the City, and only Pledged Tax Increments shall be used to pay the principal of and interest on the TIF Note. (6) The City's obligation to make payments on the TIF Note on any Payment Date shall be conditioned upon the requirement that (A) there shall not at that time be an Event of Default that has occurred and is continuing under this Agreement that has not been cured during the applicable cure period, and (B) this Agreement shall not have been terminated pursuant to Section 4.2, and (C) all conditions set forth in Section 3.2(2) have been satisfied as of such date. (7) The TIF Note shall be governed by and payable pursuant to the additional terms thereof, as set forth in Exhibit D. In the event of any conflict between the terms of the TIF Note and the terms of this Section 3.2, the terms of the TIF Note shall govern. The issuance of the TIF Note is pursuant and subject to the terms of this Agreement. Section 3.3. Income and Rent Restrictions. The Developer hereby represents, covenants and agrees as follows: (1) The Project is intended for occupancy, in part, by persons or families of low and moderate income, as defined in chapter 462A, Title II of the National Housing Act of 1934, the National Housing Act of 1959, the United States Housing Act of 1937, as amended, Title V of the Housing Act of 1949, as amended, any other similar present or future federal, state or municipal legislation, or the regulations promulgated under any of those acts; and (2) No more than 20% of the square footage of the buildings of the Project financed with the proceeds of the TIF Note will consist of commercial, retail or other non-residential uses; and (3) In accordance with the Declaration, commencing on the Completion Date and continuing until the Termination Date, at least 20% of the housing units shall be occupied by or available for rent to persons whose income does not exceed 50% of the area -wide median family income for the standard metropolitan statistical area which includes Minneapolis/St. Paul, Minnesota, as that figure is determined and announced from time to time by HUD, as adjusted for family size ("Median Income"); and (4) The Developer will provide the City an annual certification in the form attached as Exhibit C to the Declaration (the "Compliance Certificate") evidencing compliance with the requirements of paragraph (3) above, and income verifications from tenants used to meet such requirements. The annual certification shall also include the vacancy rate for the preceding calendar year and the rents for all units broken down by unit type, size and rent per square foot. The annual certification shall be provided on or before January 31 of each year commencing January 31, 2024, and shall cover the preceding calendar year. 9 EL185-70-769416.d7