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CCP 06-15-1992
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CCP 06-15-1992
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5/8/2007 1:09:07 PM
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<br /> ~ section 3.3. Developer's Fee and Leqal and Administrative <br /> Expenses. As partial compensation for service~ provided by the <br /> city to facilitate development of the Project and for additional <br /> municipal services required by the Project during the term of <br /> this Agreement, the Developer shall pay to the City in <br /> immediately available funds on or before the date the certificate <br /> of occupancy is issued by the City but no later than August 1, <br /> 1993 a Developer's Fee in the amount of $23,000. In addition, <br /> the Developer shall, upon request of the City, payor reimburse <br /> for the payment of all Legal and Administrative Expenses. <br /> Section 3.4. Compliance with Low and Moderate Income <br /> Requirements. The-Developer covenants that in excess of eighty <br /> percent (80%) of the "fair market value" (as defined in Section <br /> 469.174, Subdivision 11, of the Act) of the Project will at all <br /> times be occupied by persons of "low and moderate income" (as <br /> defined in the Tax Increment Financing Plan) and that one hundre~ <br /> percent (100%) of the units of the Project, unless consented to <br /> by the city, will be all times be occupied by at least one <br /> elderly [55 years of age and older] person, that 40% of the <br /> residential units in the Project will be occupied by individuals <br /> whose income is 60% or less of the median family income, as <br /> adjusted for family size and that it will establish such <br /> monitoring procedures with respect to applicants for and <br /> occupants of dwelling units in the Project as the city may <br /> . reasonably require to assure compliance with this requirement. <br /> . 18499 <br /> 9 <br />
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