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w <br />r <br />NORTH CAROLINA <br />ORANGE COUNTY <br />DEVELOPMENT AGREEMENT <br />This is an AGREEMENT between ORANGE COUNTY, a general local governmental <br />unit of the State of North Carolina, (hereinafter referred to as "the County") and HABITAT <br />FOR HUMANITY OF ORANGE COUNTY, NC, INC., a North Carolina non-profit housing <br />orgarli~ iog (hereinafter referred to as "Habitat"). The effective date of this agreement is <br />WITNESSTH <br />WHEREAS, the County, in the implementation of the Orange County Affordable Housing <br />Bond Program solicited applications for funding for affordable housing projects from interested <br />non-profit organizations; and <br />WHEREAS, Habitat intends to construct a 50 unit subdivision with dwelling units for <br />first-time homebuyers earning less than the HUD area median income as described herein and in <br />a number of applications for HOME funds and Orange County Affordable Housing Bond <br />Program funds on file in the County's Housing and Community Development Office (hereafter <br />"the Project"); and <br />WHEREAS, the Project, now known as Phoenix Place is located on the following <br />seventeen (17) parcels of land in Chapel Hill, North Carolina (together hereafter "the Property"): <br />Orange County Parcel Identification Numbers: 9870-64-6459, 9870-64-3619, 9870-64-1606, <br />9870-55-6063, 9870-55-7013, 9870-54-9950, 9870-54-7922, 9870-54-9850, 9870-54-7830, <br />9870-54-9679, 9870-54-7627, 9870-54-9543, 9870-54-7514, 9870-54-9441, 9870-54-7411, <br />9870-54-9248, and 9870-54-7219; and <br />WHEREAS, pursuant to Development Agreements previously approved by the County <br />Board of Commissioners and Habitat, the County loaned or granted Habitat the following for <br />Habitat's purchase of the Property and for the construction by Habitat of infrastructure (public <br />water and sewer, roads, sidewalks, etc.) necessary for the Project: <br />Amount Funding <br />Source Development <br />A Bement Housing Units <br />Benefited <br />$125,000 FY 2004 HOME loan March 31, 2005 10 <br />$100,000 FY 2005 HOME loan December 15, 2006 20 <br />$250,000 FY 2006 HOME loan December 15, 2006 20 <br /> <br />$205,000 County Bond funds <br />ant December 19, 2005 22 <br />