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between July 1, 2012 and July 31, 2012. The HRA will provide F & C with a credit against the <br />interest that accrues on Loan No. 2 in an amount equal to the amount of any tax increments the <br />City receives from the Development Property in 2014. <br />F & C represents and warrants to the HRA (and the City) that F & C would not undertake the <br />Project and that the Project would not be economically feasible without the assistance provided <br />in the Development Agreement. F & C agrees to purchase the Development Property pursuant to <br />the terms of the Purchase Agreement. F & C agrees to submit construction plans for the Project <br />to the City for approval. Developer must substantially complete construction of the Project on or <br />before the date two years from the Commencement Date, subject to delays resulting from force <br />majeure. In Section 11.4 of the Development Agreement F & C agrees that it will lease not less <br />than 50% of the apartment units in the Project to tenants whose family income is equal to or less <br />than 130% of the median family income as established by the United States Department of <br />Housing and Urban Development for Anoka County. <br />2 <br />3027624v4 <br />09/22/11 <br />