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SECTION 3. CONSTRUCTION SUPERVISION. <br /> The ACHRA shall supervise construction of the Project, and shall allow City to send a <br /> representative to assist in any construction inspection. ACHRA shall be responsible for <br /> submitting contractor invoices to the disbursing agent for payment. Copies of such payment <br /> requests will be provided to City upon request. <br /> SECTION 4. OWNERSHIP AND MANAGEMENT. <br /> Upon completion of construction of the Project, ACHRA shall continue in ownership of <br /> the Facility Site upon which the Project is located, and shall not transfer ownership of the <br /> Facility Site to any other entity except in accord with the provisions of a Right of First Refusal in <br /> favor of City, which is detailed on hereto attached Exhibit C, and which shall be recorded as an <br /> encumbrance upon the land upon its conveyance to the ACHRA as contemplated hereby. <br /> Further, following construction of the Project, ACHRA shall manage the buildings and grounds <br /> of the Project. Management may be through a management company by contract, on a fee basis, <br /> or by direct management through ACHRA, but all subsequent management of the buildings and <br /> grounds in the Project shall be subject to the following conditions: <br /> 1) Eligibility for Residency. Residency in the Project shall be exclusively <br /> limited to senior citizens. <br /> 2) Income Limits. Residency in 75% of the units in the Project shall be <br /> limited to residents with incornes no greater than 110% of the median income for the <br /> Twin Cities Standard Metropolitan Statistical Area. <br /> 3) Priority for Residency. For initial occupancy of the dwelling units in the <br /> Project, and thereafter at such times as all residential dwelling units in the Project are <br /> occupied and a waiting list is implemented, applicants shall be given priority for <br /> occupancy in accordance with the principles expressed herein. <br /> a) Applicants who are Priority Applicants shall be given occupancy <br /> before other applicants. Where two or more Priority Applicants are next in <br /> succession for a vacant unit, such Priority Applicants shall be allocated units in <br /> the order in which their respective applications were received. In the case of <br /> 4 <br />