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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.