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

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certain events may impact the construction schedule and affect the time to complete the Project, including, but not limited to, delays related to Covid-19, supply chain delays and delays related to labor force. At such time as Developer has obtained all building permits, zoning approvals, historic conservation approvals to the extent applicable, and other governmental approvals required for the Project, Developer shall promptly commence (as described in the first grammatical paragraph of this Section VIII) and thereafter complete the construction of the Project as reflected in the Project Plans, in compliance with all applicable laws, and in accordance with the terms set forth in the applicable construction agreement(s). Developer shall be responsible for acquiring and paying for all State, local, or Federal permits required for the Project. The time for performance indicated above is subject to any approved extensions by the City_for delays beyond the reasonable control of the Developer that prevent the Developer from timely performing its obligations under this Agreement. A request for extension must be in writing and may be granted at the discretion and approval of the City. For so long as any public health emergency declared by the State of Ohio or Cuyahoga County remains in effect, the City shall grant any reasonable request to extend the time for performance set forth in this Agreement. With respect to the Developer, delays or failures to perform due to lack of funds or the inability to procure labor or materials shall not be deemed unforeseeable delays beyond the reasonable control of the Developer. After such time as the Developer shall have demolished the existing improvements on the Project Site, in the event that construction does not occur, or construction of the Project ceases to progress within 120 days after demolition of the existing improvements on the Project Site, in addition to and not in limitation of any other remedies available to the City, the Developer shall comply with all City requirements relating to restoration of the Project Site until such time as construction shall begin or resume, as the case may be. At all times during construction of the Project, the Developer shall have available and made known to the City a competent representative who is knowledgeable and familiar with the Project. The representative shall be capable of reading plans and specifications and shall have the authority to address any questions raised by the City with respect to such plans and specifications. IX. USE AND DESIGN RESTRICTIONS Developer, for itself and its successors and assigns, and every successor in interest to any portion of the Development Site, agrees and covenants that Developer and its successors and assigns shall not permit the use of any portion of the Development Site for any of the uses set forth on Exhibit F attached hereto and incorporated herein (the "Prohibited Uses"). In addition to the Prohibited Uses, the following restrictions shall apply: A. During the term of the CRA., 10% of the residential units within the Project must be offered for rent exclusively to households making up to 80% area median income ("AMP'), as defined in the CRA. Ordinance, at the time of the initial lease and an additional 10% of the units must be offered for rent exclusively to households making up to 120% AMI, as defined in the CRA Ordinance, at the time of the initial lease, and otherwise in compliance with the CRA Ordinance. 8 15785832v23