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DRAFT <br /> 2 <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 <br /> EmPOWERment, Incorporated, a North Carolina non-profit housing organization (hereinafter <br /> referred to as"EmPOWERment"). The effective date of this agreement is <br /> WITNESSTH <br /> WHEREAS, the County, in the implementation of the Orange County Affordable <br /> Housing Bond Program solicited applications for funding from interested non-profit <br /> organizations; <br /> WHEREAS, EmPOWERment submitted an application for Housing Bond funding on <br /> July 8, 1999 for $90,000 for Property acquisition for future housing development approved by <br /> the Board of County Commissioners on December 7, 1999; and <br /> WHEREAS, EmPOWERment intends to purchase a tract of land on Pine Hill Drive in <br /> Carrboro (herein after referred to as the "Property"), and described in EXHIBIT A attached <br /> hereto and incorporated herein; and <br /> WHEREAS, EmPOWERment intends to replace four condemned properties with four, <br /> 1188 square four units available to first-time homebuyers earning between 52% - 58% of HUD <br /> area median income. <br /> WHEREAS, EmPOWERment agrees to utilize bond funds provided by the County for <br /> the purpose of acquiring Property for the purpose of constructing four dwelling units for first- <br /> time homebuyer families as described in their bond application dated July 8, 1999 which is <br /> EXHIBIT B to this Agreement, and hereinafter referred to"the Project". <br /> NOW, THEREFORE, in consideration of the mutual covenants, promises, and <br /> representations contained herein, it is agreed between the parties hereto as follows: <br /> 1. EmPOWERment shall construct the dwelling units defined in the Project , obtain all <br /> permits and licenses necessary to construct the homes on the Property, and comply with <br /> applicable building and zoning ordinances and the N.C. Housing Finance Agency Energy <br /> Standards. The Project shall be undertaken without residential displacement. <br /> EmPOWERment is responsible for soliciting buyers for the homes they intend to <br /> construct on the Property. EmPOWERment and/or their buyers shall be responsible for <br /> securing permanent mortgage financing for the homes built by them on the Property. <br /> 2 <br />