REPRESENTATIONS AND OBLIGATIONS OF APPLICANT. A. APPLICANT warrants, represents and agrees that: (i) APPLICANT will expend a minimum investment of Eight Hundred Thousand Dollars and NO/100 ($800,000.00) in total real property improvements on the REAL PROPERTY, excluding its acquisition costs; (ii) The Qualifying Project includes new construction on a vacant lot or renovation of an existing vacant or blighted building(s) to be used for any of the following land uses: single-family homes for attainable rental housing, office, retail, restaurant, multifamily residential facilities, commercial and industrial within the City of El Paso, as authorized by the existing local laws; (iii) Except in cases of vacant land, APPLICANT purchased the REAL PROPERTY within the one-year period preceding the Effective Date of this Agreement; (iv) APPLICANT has neither caused nor contributed to the present condition of the REAL PROPERTY; (v) The Qualifying Project does not include the demolition of properties with a historic overlay or properties that are deemed historic, or having a contributing historic structure; and (vi) The REAL PROPERTY is: (a) a platted, unimproved lot; (b) contains a vacant building; (c) contains a building that has a CAD (Central Appraisal District) physical condition factor of 30 or lower; or (d) will be renovated for use as attainable rental housing. For purposes of this Section, subsection 6(A)(iii) does not apply if the Qualifying Project incorporates an adaptive reuse that does not expand the existing building by more than fifty (50) percent.
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