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The following are conditions under which properties not designated to be acquired may be acquired at a future date: (1) The City may acquire property by gift, dedication, condemnation or direct purchase from willing sellers in order to achieve the objectives of the Tax Increment Financing Plan; and (2) Such acquisition will be undertaken only when there is assurance of funding to finance the acquisition and related costs. (AS MODIFIED DECEMBER 14, 2009) The City has determined a need to assist affordable housing at sites throughout Development District No. 1. Accordingly, the City may acquire any parcel in Development District No. 1 that meets the City's criteria as a site desirable for affordable housing. Property may be acquired for housing as well as for streets, utilities and other infrastructure directly related to such housing. Section 2.5. Development Activity for which Contracts have been Signed. As of the date of adoption of the Tax Increment Financing Plan, the City has not entered into a Development Agreement. (AS MODIFIED MA Y 2 71 1997) On February 28, 1994, the City signed a Development Agreement with Cottage Villas of Arden Hills Limited Partnership Section 2.6. Specific Development Expected to Occur. At this time it is anticipated that the project will include a 60-unit two-story apartment building with approximate construction cost of $35,000 per unit. Construction is estimated to be completed in 1993. The apartments will be rented to persons over 55 years of age with low to moderate income. (AS MODIFIED MAY 27, 1997) A 60 unit rental housing facility, rented primarily to elderly persons, was completed in 1995. The project received low income housing tax credits allocation from the Minnesota Housing Finance Agency. (AS MODIFIED DECEMBER 14, 2009) The City realizes that there exists a need to assist in financing public costs related to low and moderate income housing projects within the City. Currently under consideration by the City is the construction of a 55-unit workforce rental housing project that will be affordable to persons and families at or below 60% of the area median income. This project is located near Land O' Lakes, a large employer, at 1296 County Road F. In addition there is a potential for two other projects: an affordable housing project as part of the redevelopment of the old City Hall site; and a mixed -use redevelopment that includes an affordable housing component on the old Holiday Inn site. Section 2.7. Prior Planned Improvements. The City shall, after due and diligent search, accompany its request for certification to the County Auditor or its notice of district enlargement with a listing of all properties within Tax Increment Financing District No. 3 for which building permits have been issued during the eighteen (18) months immediately preceding approval of the Tax Increment Financing Plan by the City. The County Auditor shall increase the original tax capacity of Tax Increment Financing District No. 3 by the tax capacity of each improvement for which the building permit was issued. If said listing does not accompany the aforementioned request or notice, the absence of such listing shall indicate to the County Auditor that no building permits were issued in the eighteen (18) months prior to the Authority's approval of the Tax Increment Financing Plan. City of Arden Hills Modification of Tax Increment Financing District No. 3