Resolution 2010-34 - Laserfiche WebLink

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2. Use Limited to Affordable Housing. The Property, as defined herein and legally described on Exhibit A, is to be used solely as an affordable housing site for either (a) the construction by FHFH of an affordable housing development consisting of dwelling units which may be sold and resold as affordable housing; or (b) the construction by LHA of an LHA -owned and operated affordable housing project, in either case subject to terms, conditions, covenants and requirements of this Agreement. Any reference to "unit" in this Agreement means and refers to each residential dwelling unit constructed upon the Property. 3. PUD Development Required. Development of the Property shall be subject to City review and approval pursuant to a planned unit development (PUD) review process, and no building permits for any dwellings or structures upon the Property shall be issued until approval of a PUD final development plan has been obtained from the City. Such plan shall be processed and reviewed in accordance with the City's PUD and zoning regulations. 4. Development Rules; Fees. Development of the Property shall be subject to all other City ordinances, rules, regulations, requirements and policies, including but not limited to payment of applicable permit, tap and impact fees and other development charges, unless otherwise provided by separate written agreement with the City. 5. Water Service. Water services to the Property shall be obtained from the City water system. The existing well upon the Property shall be capped and abandoned according to State Engineer requirements or otherwise addressed in the manner required by the City at the time of PUD approval. If required by the City, the owner and developer of the Property shall enter into a subdivision agreement concerning development of the Property, which shall be executed prior to the recording of any subdivision plat or the issuance of any building permits for the Property. 6. Restriction on Other Uses; No Transfer Permitted. The Property shall be developed and used for no other use than affordable housing as described herein. No other use of the Property shall be permitted or commenced unless the City, LHA and FHFH have first executed and recorded a release or modification of the covenant herein restricting use to affordable housing. Other than transfer of the entire Property from LHA to FHFH and, in the event of such a transfer from LHA to FPIFH, initial sales by FHFH of affordable housing to eligible buyers after completion of an FHFH affordable housing development, LHA and FHFH agree that the Property shall not be transferred in whole or part to any other person or entity of any kind whatsoever. 7. Reconveyance. If the Property is transferred by LHA to FHFH, FHFH shall (a) commence development of the Property for affordable housing within three (3) years of the date of transfer of the Property from LHA to FHFH, such commencement to be evidenced by the start of construction work on a unit under a City- issued building permit; and shall (b) complete such development within six (6) years of the date of transfer of the Property from LHA to FHFH, such completion to be evidenced by issuance of all certificates of occupancy necessary for all affordable housing units approved under the PUD final development plan. In the event FHFH does not commence development of the Property for affordable housing by the deadline stated in 2