CCP 07-20-1993 - Laserfiche WebLink

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( District: Tax Increment Financing District No.3 of the City established within the . Development District pursuant to the Act and a resolution adopted by the Oty Council of the City on April 26, 1993. Facilitv: the 6O-unit apartment complex to be acquired, constrUCted and equipped on the Property in accordance with the Plans and Specifications. Lower Income Tenants: individuals whose income is 60% or less of the area median gross income within the meaning of Section 142(d) of the Code and regulations promulgated thereunder. Without limiting the foregoing, the occupants of a unit shall not be considered to be of low or moderate income if all the occupants are students (as defined in Section 151 (e)(4) of the Code), no one of whom is entitled to file a joint return under Section 6013 of the Code. flan: the Tax Increment Financing Plan for Tax Increment Financing District No.3, adopted by the City Council of the City by a resolution adopted on Apri126, 1993, as hereafter amended or supplemented in accordance with the Act. Prol'~: the real estate and interests in real estate described on Exhibit A hereto, located in Ramsey County, Minnesota. Oualified Proiect Period: the period beginning on the first day on which ten (10%) pen:ent of the units in the Facility are occupied (which date shall be established by a Certificate in the form attached to this Declaration as Exhibit B, and until so established shall be deemed to be not later than , 199->, and ending on the earlier of: (i) the first day after the date that the District is terminated under the Act, (ii) the January 1 following any decertification of the District under Section 469,1761, Subdivision 4 of the Act or (iii) February 1,2010. . All the terms and provisions hereof shall be construed to effecruate the purposes set fonh herein and to sustain the validity hereof. The titles and headings of the sections hereof have been insened for convenience of reference only and are not to be considered a part hereof and shall not in any way modify or restrict any of the terms or provisions hereof and shall never be considered or given any effe:ct in construing this instrument or any provision hereof or in ascertaining intent, if any question of intent should arise. Section 2, Oualified Residential Rental Proiect. The Declarant, for itself and its successors and assigns, does hereby declare, agree, covenant and affirm with respect to the Property that, subject to the provisions of Section 3 and 10 hereof, the Facility is to be owned, operated and managed as a qualified residential rental project within the meaning of Section 142(d) of the Code. To that end, but without limitation of the generality of the foregoing, the Declarant funher represents, covenants and agrees as follows: (1) The Facility is being acquired and constructed for the purpose of providing residential rental property for the elderly. The Declarant shall own, manage and operate the Facility as a qualified residential rental project comprised of residential dwelling units and facilities functionally related and subordinate thereto, in accordance with Section 142(d) of the Code. (2) Once available for occupancy, each unit included in the Facility will be held available for rental on a continuous basis during the Qualified Project Period. . :.'2- ,