1994 S Housing - Orange Community Housing Corporation - Development Agreement

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w NORTH CAROLINA ORANGE COUNTY DEVELOPMENT AGREEMENT i 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 ORANGE COMMUNITY HOUSING CORPORATION, a North Carolina nonprofit corporation (hereinafter referred to as "OCHC"). The date of this Agreement is MARCH 15, 1994. This agreement will not become effective until all conditions placed upon County's funding approval are satisfied and funds are released by the N.C. Department of Commerce. WITNESSETH WHEREAS, OCHC has purchased and intends to develop the Property for the purpose of constructing homeownership opportunities for first-time homebuyers with incomes at or below 80% of the area median family income for the Raleigh-Durham MSA. WHEREAS, the County desires to participate in this project and received a preliminary award of $250,000 from the N.C. Department of Commerce in February, 1994, for the purpose of providing Public Improvements for Magnolia Place subdivision, a 42-unit single family homeownership project, which property is more particularly described in Exhibit A attached hereto and made a part of this Agreement (hereinafter referred to as the "Property"). "Public Improvements" shall include water facilities, storm and sanitary sewer facilities, street grading and paving, a sewer lift station needed to provide sewer service to the Property, and requisite grading and improvements needed to satisfy the County Sedimentation and Erosion Control requirements; and NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto do agree as follows: 1. OCHC agrees to sell and construct 42 single-family housing units on the Property. All units will be sold to low- and moderate-income persons. 2. OCHC shall provide to the County all engineering design plans and specifications for the public improvements to be installed on the Property. 3. County agrees to execute its responsibilities as defined in the CDBG Grant Application and within the times set forth therein. 4. For all contracted work to be funded by the County under the terms and provisions of this Agreement, public bidding requirements shall apply. The County shall offer and advertise the plans and specifications for public bid in accordance with federal, state and local laws. The County shall accept and evaluate the public bids received and award the contract for the installation of I