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8 (b)The Redeveloper has the power to enter into this Agreement and has duly authorized the execution, delivery, and performance of this Agreement. (c)Neither the execution and delivery of this Agreement, the consummation of the transactions contemplated thereby, nor the fulfillment of the terms and conditions thereof conflicts with or results in a breach of any of the terms or conditions of the Redeveloper’s organizational documents or any agreement or instrument to which the Redeveloper is now a party or by which it is bound, or constitutes a default under any of the foregoing. (d)The Redeveloper or its permitted assigns will construct the Public Improvements, Site Improvements and Minimum Improvements in accordance with the terms of this Agreement, the Plan, any public improvement agreements between the City and the Redeveloper and all local, state and federal laws and regulations. (e)Based on current projections of Project Costs, the Redeveloper believes that the financing arrangements which the Redeveloper has obtained or will obtain to finance construction of the Minimum Improvements will be sufficient to enable the Redeveloper to successfully complete the Project as contemplated in this Agreement. (f)In the opinion of the Redeveloper, the construction of the Minimum Improvements would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future without the assistance provided by the City pursuant to this Agreement. (g)Once acquired by the Redeveloper, no part of the Redevelopment Property shall become exempt from the levy of ad valorem property taxes, or any statutorily authorized alternative, and no improvements of any kind constructed on the Redevelopment Property shall similarly become exempt until after the dissoluti on or other termination of the Tax Increment District. (h)The Redeveloper agrees, notwithstanding anything to the contrary in Article VII, that it will not assign, convey or lease any interest in the Redevelopment Property or any portion thereof, or this Agreement or any portion thereof, to any tax-exempt entity under the U.S. Internal Revenue Code of 1986, as the same may be amended from time to time, without the prior written approval of the City. (i)The Redeveloper will comply with any applicable reporting or other requirements of the Business Subsidy Act, Minnesota Statutes, Sec. 116J.993 et seq. (j)At least ten percent (10%) of the housing units will be affordable to families at or below 115% of area median income as announced annually by HUD. (k)The Redeveloper is aware of the litigation brought by the Friends of Twin Lakes and acknowledges that in the future additional legal challenges could be brought against the Project or creation of the Tax Increment District or both. The Redeveloper acknowledges that the City has made no representation of any kind as to the likelihood that the City will prevail in