Real Property Transfer Agreement - W. Washington & N. Taylor – SB Heritage Foundation Inc.

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effect; and (c) the Organization is currently exempt from federal income taxation as stated in the Internal Revenue Service letter dated October 22, 1979 attached hereto as Exhibit C. ,/ 2. Transfer of Property. The City desires to convey the Property to the Organization for and in consideration of One Dollar ($1.00), and the Organization desires to accept the Property, and any and all improvements located on the Property, subject to the terms and conditions of this Agreement. 3. Use of Property. The Organization agrees to use the Property only for purposes consistent with and permissible under its Articles and Section 501(c)(3) of the Internal Revenue Code and for no other purpose. 4. Closing. The City will convey title to the Property to the Organization by delivery of the Deed in substantially the form attached hereto as Exhibit D, on or before December 31, 2024 (the "Closing"). The Board of Public Works (the "Board") hereby authorizes and instructs Elizabeth Maradik, President of the Board and Theresa Heffner, Clerk of the Board to execute and deliver the deed to the Organization. At the Organization's option, the City will record the deed at the City's expense, and the Board authorizes and instructs Joseph Molnar of the City's Department of Community Investment to do so. /5. Post Closin¢ Development Obligations. Provided Closing occurs, within twelve (12) months after the Closing Date, the Organization will commence construction and redevelopment of the Property. The redevelopment will consist of a minimum of six (6) housing units ("Property Improvements"). Promptly upon completing the Property Improvements, the Organization will submit to the City copies of the certificate(s) of occupancy for the Property Improvements. The parties expect the Property Improvements to be completed within thirty (30) months of the Closing Date (the "Completion Date"). If the Property Improvements have not been substantially completed by the Completion Date, the Organization shall be in default under this Agreement. In anticipation of performing its obligations under this Section 5, the Organization shall also provide the designs, plans, and specifications for Property Improvements consistent with City standards for the review and comment by the City's Planning Director or their designee, who, in their sole discretion, may request revisions or amendments to be made to the same. Acceptance of the design and plans by the Planning Director or their designee prior to construction shall be a prerequisite for the issuance of a Certificate of Completion. The Organization covenants and agrees that neither the Organization nor any of the Organization's successors or assigns will change its use of the Property from the Intended Use of the Property defined above without obtaining City's prior consent to such change in writing. 6. Certificate of Completion. Promptly after the Organization completes the Property Improvements and proves the same to City's reasonable satisfaction in accordance with the terms of Section 5 above, upon the Organization's request, the City will issue to the Organization a certificate acknowledging such completion (the "Certificate of Completion").