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2011-100 Housing - The Landings at Winmore, LLC - Crosland, LLC - Community Home Trust - Development Agreement $300,000
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2011-100 Housing - The Landings at Winmore, LLC - Crosland, LLC - Community Home Trust - Development Agreement $300,000
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1/9/2012 11:11:06 AM
Creation date
5/2/2011 10:52:00 AM
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BOCC
Date
5/2/2011
Meeting Type
Work Session
Document Type
Agreement
Agenda Item
Manager Signed
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~ ivo <br />NORTH CAROLINA <br />ORANGE COUNTY <br />DEVELOPMENT AGREEMENT <br />This is an AGREEMENT between ORANGE COUNTY, a body politic and corporate, a <br />political subdivision of the State of North Carolina, (hereinafter referred to as the "County"), <br />THE LANDINGS AT WINMORE, LLC, a North Carolina limited liability company, <br />(hereinafter referred to as "The Landings"), CROSLAND, LLC, a North Carolina limited <br />liability company (hereinafter referred to as "Crosland") and COMMUNITY HOME TRUST, <br />a North Carolina no pr fit corporation (hereinafter referred to as "CHT"). The effective date of <br />this agreement is _/'~~~. <br />WITNESSTH <br />WHEREAS, the Orange County HOME Consortium has designated approximately <br />$300,000 in FY 2007 HOME funds to assist in the construction of 58 rental units known as The <br />Landings at Winmore in Carrboro; and <br />WHEREAS, the County is the lead entity of the Orange County HOME Consortium, so <br />designated in an agreement dated July 1, 2008 and as such is the lead entity in a representative <br />capacity for all members of the Orange HOME Consortium for the purposes of carrying out the <br />HOME Program in accordance with the Title II of the Cranston-Gonzalez National Affordable <br />Housing Act (Pub. L. 101-625), (42 U.S.C. 3535(d) et. seq.) (hereinafter referred to as the <br />"Act"), and as further defined in the Federal Program Requirements provided by the U.S. <br />Department of Housing and Urban Development; and <br />WHEREAS, The Landings is financing the construction of The Landings at Winmore <br />(hereinafter referred to as "the Project"),anew 58 unit affordable housing development owned <br />by The Landings dwelling units to 15 low income families earning less than 40% of the Area <br />Median Income, 21 families earning less than 50% of Area Median Income, and 22 families <br />earning less than 60% of Area Median Income, and which will remain affordable for low income <br />families throughout the term of the 99 year period of affordability. The Landings at Winmore is <br />located off Homestead Road in Carrboro, NC. The Project dwelling units are located on the <br />property more particularly described in EXHIBIT A attached hereto and made a part of this <br />Agreement (hereinafter referred to as "the Property"); and <br />WHEREAS, The Landings and Crosland agree to utilize HOME funds provided for the <br />purpose of constructing the Property as described in its HOME Program application dated <br />February 28, 2007 which is hereby incorporated into this Agreement and hereinafter referred to <br />as "the Project"; and <br />WHEREAS, The Landings, Crosland, and CHT have entered into a Homebuyer <br />Counseling and Managernent Contract dated July 31, 2009 (hereinafter referred to as <br />"Management Contract") that more specifically outlines the responsibilities of each entity in this <br />partnership which is attached hereto as EXHIBIT B; and <br />
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