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The city shall undertake projects for rental housing by entry into a project agreement in substance not inconsistent with the following: A.
The participating party shall comply with all legal requirements relating to the project and the operation, repair and maintenance of the rental housing, including:
1.
Obtaining any rezonings or variances, building, development, and other permits and approvals, and licenses and other entitlements for use;
2.
Securing the issuance of any certificates of need, convenience, and necessity or other certificates or franchises required by the state;
3.
Qualifying any nonexempt issue, offer, or sale of any bonds or other security proposed to be issued by the participating party or others (including the city) in connection with the project; and
4.
Providing satisfactory evidence of compliance with this section;
B.
The participating party shall provide, or cause to be provided by others, all amounts required for the rental housing and all property of the rental housing project which are not to be provided as or by expenditure of bond proceeds, and in the case of any such amounts and property which the participating party proposes to cause to be provided by others, as by contract, grant, subsidy, loan, or other form of assistance, shall provide satisfactory evidence that such amounts and property will be provided when required.
C.
Expenditure of bond proceeds shall be supervised to assure proper application to the rental housing project.
D.
The participating party shall, at its own expense, insure, repair and maintain the rental housing, pay such taxes with respect to its interests in the property of the rental housing project as is then required by law, and pay any assessments and other public charges secured by liens, upon such interests as constitute the tax base for property taxation, on the same basis as other property of similar character.
E.
The amounts payable by a participating party to, or for, the benefit of the city shall, in the aggregate, not be less than amounts sufficient:
1.
To pay any bonds that shall be issued by the city to pay the costs of the rental housing project; and
2.
To pay those administrative expenses which relate to the administration of the project agreement, the resolution of issuance and the bonds.
F.
The term of the project agreement shall extend at least until the date on which all such bonds and all other obligations incurred by the city in connection with a rental housing project shall have been paid in full or adequate funds for such payment shall have been otherwise provided.
G.
Such additional provisions as in the determination of the city are necessary or appropriate to effectuate the purposes of this chapter, including, without limitation, provisions:
1.
For payments by a participating party which include amounts for administrative expenses in addition to the amounts which the agreement is required to obligate the participating party to pay, which are incurred by the city subsequent to the preliminary undertaking of the rental housing project by the city;
2.
For payment before the rental housing project exists or becomes functional, or after the rental housing project has ceased to exist or be functional to any extent and from any cause;
3.
For payment regardless as to whether or not the participating party is in possession or is entitled to be in possession of the rental housing project;
4.
Relating to the carrying out and completion of the rental housing project, including the allocation of responsibility between the city and the participating party regarding the acquisition of property, the making of other purchases, and the contracting for construction of the rental housing project, with or without competitive bidding, and the payment therefor;
5.
That some or all of the obligations of a participating party shall be unconditional and shall be binding and enforceable in all circumstances whatsoever, notwithstanding any other provision of law; and
6.
Relating to the use, maintenance, repair, insurance, and replacement of property of the rental housing project, such as the city and the participating party deem necessary for the protection of themselves or others, including, but not limited to, liability insurance, indemnification, and events of default;
7.
That the participating party shall indemnify and hold the city harmless against the claims and demands of all persons arising in any manner from the rental housing project, the project agreement, the rental housing, the property of the rental housing project, its operating, maintenance, repair and the like, including, without limitation, alleged violations of any state or federal law relating thereto or relating to this chapter or any acts taken under this chapter.
H.
Notwithstanding any other provisions of this chapter, rental housing projects developed pursuant to this chapter shall be consistent with the requirements of the general plan of the city and any applicable redevelopment plan.
(Ord. 301 §5, 1981).