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2 <br />been involved in development plans. Actual infrastructure construction must begin by <br />January 15, 2008. Habitat will be responsible for providing status <br />reports to the County quarterly detailing the project activities until project completion <br />beginning in January 2006 July-2005. In addition, Habitat agrees to furnish to the <br />County a copy of its annual audit, performed by a certified public accountant within 90 <br />days of the end of each fiscal year until the Project is complete. <br />The project completion date is the closing date of the purchase by a qualified buyer of <br />the last of the twenty-five units to be constructed for first time homebuyers or December <br />31, 2008 2010 whichever is earlier. In the event that Habitat is unable to proceed with <br />any aspect of the project in a timely manner, and County and Habitat determine that <br />reasonable extension(s) for completion will not remedy the situation, then the <br />Termination of Agreement provisions of this Agreement (Section 6.a,) shall pertain, <br />Habitat may, at its option, submit a written request for a delay of completion far County <br />approval, The County may, at its option, approve any delay in the completion date or <br />declare Habitat in default. <br />Habitat shall monitor the constructed units far affordability for the period of affordability - <br />ninety-nine (99) years. Final contract completion date shall be the latest end date of all <br />assisted unit affordability periods. <br />There is no mandatory project initiation timeframe in the use of Housing Loan Trust Fund <br />dollars, as in the case of Sunrise Ridge, other than as stated above. In the use of Affordable <br />Housing Band dollars, the BOCC has authorized a policy stating that land-banking projects <br />must be initiated within five years, and non-land banking projects initiated within three years. <br />As requested earlier, the Sunrise Ridge Coalition has been informed of this planned agreement <br />amendment. <br />FINANCIAL IMPACT: None, <br />RECOMMENDATION(S): The Manager recommends approval of an amendment to the <br />Development Agreement between Orange County and Habitat for Humanity of Orange County, <br />NC, Inc. dated Febn~ary 23, 2003 for the acquisition of property on Sunrise Road in Chapel Hill <br />and authorize the Manager to execute the amendment upon the review and approval of the <br />County Attorney. <br />