R2005-49 AUTHORIZING DEVELOPMENT AGREEMENT Near North

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extent City has funds available from Section 108 or the Neaz North Redevelopment Project Area TIF District(dedicated to this Project)which can be used to pay if the guazantee is called. At the time of dedication of the Phase II Infiastructure Component to the City, or earlier if the closing does not occur,Developer shall deliver to the City all work product and other deliverables paid for with the proceeds of the Phase II Infrastructure Predevelopment Loan. The City shall approve all uses of the Phase II Infiastructure Predevelopment Loan,and the City and Developer shall follow substantially the same draw process as described in Sections 7.3 and 7.3.1 pertaining to the predevelopment funds to be provided by DHA to the Developer. 2.2.3 Phase II Homeowaership Component. The Revitalization Plan contemplates development of a total of 123 homeownership units within Wabash Crossing. Phase I included 43 homeownership units,and the parties agree to the goal of developing an additional 80 homeownership units in Phases II and III. The parties agree to incorporate in the Final Phase II Site Plan and the Final Phase III Site Plan land in sufficient quantities for development of 80 homeownership units. Notwithstanding the foregoing,Developer makes no guarantee of completion upon the date hereof for the development of any homeownership units in Phase II and/or Phase III. If Developer will undertake development of homeownership units in this Phase,before the closing of such Phase,the parties will agree on an income mix for the homeownership units in this Phase,with a goal of maximizing market rate development and in consideration of alternative development strategies such as Nehemiah-like programs. If Developer undertakes development of homeownership units, with respect to each Phase(s) homeownership component Developer will submit to DHA and the City for review and approval a homeownership plan consistent with HLJD requirements and the requirements set forth herein. Once approved by DHA and the City,DHA will submit such plan to HLJD for approval. DHA shall be responsible for making and prosecuting such submittal to HUD as provided for in Section 4.7 hereof. The homeownership plan may replicate a Nehemiah-like homeownership program serving up to one hundred fifteen percent(115%) of area median income,if HiJD allows. Notwithstanding the foregoing,if Developer does not proceed with the homeownership component of either Phase as defined herein,but subsequently Developer and/or DHA undertake homeownership development, they shall include the City in such homeownership initiative in accordance with the terms of this Agreement. Excluding any land or funding to be provided by the City for a Homeownership Component for which HUD has approved a Homeownership Plan or a closing has occurred,the City,at any time,can develop homeownership units on its own or with the assistance of other parties,and the City can use any of the City Land,and its funds set aside for homeownership in Phase II or Phase III for such purposes. If the City undertakes such development of homeownership units, it will include DHA as part of such homeownership initiative in accordance with the terms of this Agreement. 2.3 Phase III Site Components. Developer shall develop and complete the Phase III Rental Component, the Phase III Infiastructure Component and the Phase III Homeownership Component in conformity with the requirements of this Agreement subject to the following: 2.3.1 Phase III Rental Component. 146 Rental—64 public housing units,68 tax credit units and 14 mazket rate units, or as otherwise modified and agreed upon by the parties. 2.3.2 Phase III Infrastructure Component. The "Phase III Infrastructure Component" is treated as a distinct Component herein only for the purpose of establishing distinct 13 INDY 1566592v.2