2008-123 Housing - Affordable Housing Bond Development Agreement TBLF ENO HAVEN LLC $1,000,000

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~ ~ ^ Please return this Copy to the Clerk to the Board's office for PAF NORTH CAROLINA AFFORDABLE HOUSING BOND DEVELOPMENT AGREEMENT ORANGE COUNTY This is an AGREEMENT between Orange County, a general local governmental unit of the State of North Carolina, (hereinafter referred to as the "County") and TBLF ENO HAVEN, LLC, a North Carolina limited li ility Company (hereinafter referred to as "Owner"). The effective date of this Agreement is C~~ WITNESSTH WHEREAS, the County, in the implementation of the Orange County Affordable Housing Bond Program solicited applications for funding for affordable housing projects from interested organizations; and WHEREAS, TBLF, LLC intends to construct a new 76 unit affordable rental development known as Eno Haven Apartments owned by TBLF ENO HAVEN, LLC, which is targeted for disabled and elderly families earning less than 60% of the area median gross income, and which will remain affordable for low and moderate income families as described in an application for Orange County Affordable Housing Bond Program funds on file in the County's Housing, Human Rights, and Community Development Office (hereafter "the Project"); and WHEREAS, on June 5, 2008 the Orange County Board of Commissioners awarded the Owner $1,000,000 in FY 2001 Orange County Affordable Housing Bond funds to assist in the development of the Eno Haven Apartments on property described more particularly described in EXHIBIT A attached hereto and made a part of this Agreement (hereinafter referred to as "the Property"); and NOW, THEREFORE, in consideration of the mutual covenants, promises, and representations contained herein, it is agreed between the parties hereto as follows: I. USE OF BOND FUNDS 1. The Owner shall perform the projects or tasks related to its allocation of Bond funds as provided in Exhibit B and within the proposed budget outlined in Exhibit C. Exhibits B and C are hereby made a part of this Agreement and are incorporated by reference, as it now reads or as it may be modified by the parties. 2. The Owner may not request disbursement of funds under this Agreement until the funds are needed for payment of eligible costs in accordance with Exhibit D. The amount of each request must be limited to eligible costs as determined by Orange County staff. 3. Said funds shall be disbursed by check payable to the Owner.