Item 4 - Low-Income Prop Tx Ex. - Laserfiche WebLink

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is willing to grant the Property to Metro on the condition that the Property be so utilized as more specifically set forth in this agreement. E. The partition process to separate the main Apple Orchard development area from the two single family lots, 200 and 220 Edgewood Drive, on the development site cannot be completed until access to those lots (construction of adjacent roads), is available. NEDCO's future redevelopment of these housing units is dependent on the transfer of ownership of the two single family lots to NEDCO. F. It is contemplated that Metro will transfer the Property to an Oregon limited partnership created for the Apple Orchard development, in which Metro will be the general partner: The limited partnership will be the entity that will actually construct, operate and maintain the Project and this agreement contemplates a conveyance of the Property to the limited partnership for that purpose. AGREEMENT In consideration of the terms and conditions hereinafter stated City, Metro and NEDCO do mutually agree on the terms and conditions set forth herein and in the following exhibits: Exhibit - A Standard Contract Provisions Exhibit - B Property Description Exhibit - C Community Development Block Grant Regulations and Requirements Exhibit - D Memorandum of Agreement 1. Grant of Property. City agrees to grant the Property purchased with CDBG funds to Metro on the terms and conditions set forth in this agreement. 2. Date of Transfer. Transfer of the title of the Property shall be accomplished by statutory special warranty deed, free of encumbrances suffered or created by City except matters of record. The Property shall be transferred no later than May 31, 2004. Metro shall transfer to NEDCO title to the two single family lots, 200 and 220 Edgewood Drive, as soon as is practicable following the completion of the partition process to separate the main Apple Orchard development area from the two single family lots. 3. Consideration. Metro shall pay City a consideration for this sale of one dollar ($1.00) for Property. 4. Metro Covenants. Metro agrees that the Property will be used for construction and maintenance of the Metro Project in accordance with the following: 4.1 As developer of their portion of the Property, Metro agrees to begin work immediately following ownership transfer. Metro agrees to furnish all labor and materials to construct forty (40) new rental housing units in the Apple Orchard Iow-income rental housing complex. Metro shall develop their portion of the Property into 24 two-bedroom units, eight one-bedroom units, and eight studios. Low-income units will be available for occupancy to households qualified as 30-50% of area median income. Initial rents Metro Apple Orchard Apartments Land Grant Agreement - 2