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OFFICE AND WAREHOUSE <br /> 2ti Commerce Drive ' <br /> Medina, Ohio 44256-9981' ' <br />· (2t6) 725-2340 <br /> <br />the Sl'o~es 11'K3f ,~3ve YOU The Runaround! <br /> <br />MEMORANDUM OF UNDERSTANDING <br /> <br /> This letter shall serve to confirm the understanding reached <br /> between the.City of Lakewood and Discount Drug Mart, Inc. with regard <br /> to the redevelopment of the'Malley and the adjoining property located <br /> at lI8th and Detroit Avenue in the City of Lakewood. <br /> <br /> Discount Drug Mart, Inc. will privately acquire the Red-Air <br /> property at 11836 Detroit Avenue, Lakewood, Ohio. That once said <br /> acquisition is complete, Discount Drug Mart· will.trade said property to <br /> the City of Lakewood along with the sum of ¥200,000.00 .in return for <br /> which the City of Lakewood will deed back to Discount Drug Mart, Inc. <br /> a new parcel consisting of a portion of the Red-Air property and a <br /> portion of the Malley sufficient for Dlscoun~ Drug Mart, Inc. to <br /> develop a new retail outlet. A map of the proposed new Site is <br /> attached, hereto, and marked as Exhibit "A". <br /> <br /> The City of Lakewood shall be responsible for securing the <br />necessary property splits, shall assume all responsibility and <br />liability for any environmental clean up on the Red-Air property, and <br />shall assist Discount Drug Mart, Inc. to the extent possible and <br />appropriate, to redevelop the herein referred to property. <br /> <br /> It is ~nderstood by Discount Drug Mart, Inc. that the terms of <br />this memorandum are subject to approval by the Lake. wood City Council. <br /> <br /> It is further understood that Discount Drug Mart, Inc. will be <br />responsible for the demolition of the buildings on both the Malley and <br />the Red-Air sites. <br /> <br /> <br />