Developer’s Housing Allocation. As described in Section 1.20, the maximum property tax increment that could be received by the Agency pursuant to the Project Area Budget is $96,331,107. Twenty percent (20%) of the property tax increment received by the Agency, which at a maximum would be $19,266,221, shall be used for housing purposes. The firstamount of $500,000 of this amount shall be retained by the Agency to be used for housing purposes, as described belowherein. The remainder of the twenty percent (20%) of the property tax increment received by the Agency (under the above calculation once projected to be $18,766,221) shall be referred to herein as “Developer’s Housing Allocation”. Developer’s Housing Allocation is included in the Maximum Aggregate Subsidy and shall be used by the Developer within the Project Area for housing related uses as described in Subsections 17C-1-412(1)(a)(i), (ii) and (iii) of the Act and in Attachment No. 1 to this Agreement. To qualify as moderate income housing, a residential unit is to be affordable to households with 80% of AMI (area median income for Salt Lake County) or below, or Developer or its Affiliate shall subsidize the sales or rental price of residential units in order to make such units affordable to households with the foregoing maximum income (“Moderate Income Housing”). In receiving Developer’s Housing Allocation, Developer shall not utilize the Subsidy for costs incurred by Developer in locating residential buildings in the “Restricted District” defined and depicted in the SDMP, provided, however, that Developer may utilize the Subsidy for costs incurred in locating improvements and enhancements, including to Big Cottonwood Creek, which pass through the Restricted District and continue on to “Limited District” and “Open District” all as defined and depicted in the SDMP.
Developer’s Housing Allocation. As described in Section 1.20, the maximum property tax increment that could be received by the Agency pursuant to the Project Area Budget is $96,331,107. Twenty percent (20%) of the property tax increment received by the Agency, which at a maximum would be $19,266,221, shall be used for housing purposes. The amount of $500,000 shall be retained by the Agency to be used for housing purposes, as described herein. The remainder of the twenty percent (20%) of the property tax increment received by the Agency (under the above calculation once projected to be $18,766,221) shall be referred to herein as “Developer’s Housing Allocation”. Developer’s Housing Allocation is included in the Maximum Aggregate Subsidy and shall be used by the Developer within the Project Area for housing related uses as described in Subsections 17C-1-412(1)(a)(i), (ii) and (iii) of the Act and in Attachment No. 1 to this Agreement. To qualify as moderate income housing, a residential unit is to be affordable to households with 80% of AMI (area median income for Salt Lake County) or below, or Developer or its Affiliate shall subsidize the sales or rental price of residential units in order to make such units affordable to households with the foregoing maximum income (“Moderate Income Housing”). In receiving Developer’s Housing Allocation, Developer shall not utilize the Subsidy for costs incurred by Developer in locating residential buildings in the “Restricted District” defined and depicted in the SDMP, provided, however, that Developer may utilize the Subsidy for costs incurred in locating improvements and enhancements, including to Big Cottonwood Creek, which pass through the Restricted District and continue on to “Limited District” and “Open District” all as defined and depicted in the SDMP.
