49-2020 - TIF for Solove Development Detroit, Parkwood, Wyandotte

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C. Except for actions contemplated by this Agreement, as of the date of the execution of this Agreement, the City has no information or knowledge of any change contemplated in the applicable laws, ordinances or restrictions or any judicial or administrative action that would prevent, limit or impede the Developer's undertaking of the Development or the City's performance under, or the applicability and enforceability of, the anticipated TIF Ordinance. D. The representations and agreements by the City made in this Agreement shall be deemed to apply as of the date of the execution of this Agreement and shall be construed as continuing representations and agreements and such representations made by the City are made with the knowledge and expectation that notwithstanding any investigation conducted by or on behalf of the Developer (except as expressly stated in this Agreement), the Developer is placing reliance thereon in accordance with this Agreement and that such representations are to be treated as material to the Developer in entering into this Agreement. IV. COVENANTS RUNNING WITH THE LAND Promptly upon acquisition of the Development Site by the Developer, an original counterpart of this Agreement shall be recorded and shall be a covenant running with the land and shall be binding upon and inure to the benefit of the Parties and any successors and assigns of the Parties, including any future owners of the Development Site, who shall be subject to the provisions of this Agreement applicable to the Developer, to the fullest extent permitted by law and equity for the benefit of the City, whether or not such provision is included in any succeeding deed to the Developer's successors and assigns. V. DESCRIPTION OF THE PROJECT Developer shall construct, or cause to be constructed, a new multi -story mixed use commercial and residential development intended to be known as The View East on the Development Site. The Project shall be generally consistent with the site plan attached hereto as Exhibit D (the "Site Plan") and include the following components: • Approximately 120 residential units, subject to 10% increase or decrease (in compliance with the applicable zoning for the Project), of which 80% of the units actually constructed shall be market rate and 20% of the units actually constructed shall be exclusively available for affordable housing purposes in accordance with the requirements of the CRA set forth in Section IX(A) below (which shall be applicable during any year when the Project is abated pursuant to the CRA.); and • A minimum of 1,500 square feet of commercial space located on the first floor; The City must approve any revisions or changes to the aforementioned components. VI. CONVEYANCE OF THE DEVELOPMENT SITE Transfer by Developer (or, if applicable the current fee title owner (the "Existing Owner") of the title to the Parcels to the City (the "Initial Conveyance") shall take place on a date the parties 5 15785832v23