Ownership of Rental Phases. The Developer will form a single-purpose North Carolina limited partnership or limited liability company to own each Rental Phase (each, an “Owner Partnership”). The Developer or its affiliate will be the sole or principal general partner (or managing member) of each Owner Partnership and, after Closing, the sole or principal limited partner (or non-managing member) will be the Investor. The Developer may maintain an ownership interest for itself, its general partner or an affiliate in an Owner Partnership -- together with a corresponding share of low-income housing tax credits -- which shall be limited to a five percent (5.0%) partnership (or membership) interest in the Owner Partnership. With respect to each Rental Phase, the City will convey fee title to the Development Site to the Owner Partnership.
Appears in 5 contracts
Samples: Development Agreement, Development Agreement, Development Agreement
