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:].2650 Detroit Avenue <br /> <br />EXHIBIT A <br /> <br />Lakewood, Ohio 44107 · (216) 521-7580 · (2:!.6) 228-2514 FAX <br /> <br />DEVELOPMENT AGREEMENT <br /> <br /> THIS DEV~.IOPM~.NT AGI~RR.M'ANT (the "Agreement") is entered into as of this ~ day of <br /> ,2001 by and between the CITY OF LAKEWOOD (the "City"), an Ohio municipal <br />corporation, and Virginia Marti, Inc. &b.a. Virginia Marti College, an Ohio for-profit corpOration (the <br />':College"). <br /> <br />WITNES SETH: <br /> <br /> A. WHEREAS, the City desires to have certain property within its corporate limits redeveloped ' <br />by the College in the vicinity of Detroit Avenue between Hird Street and West 117~ Street, specifically <br />Cuyahoga County Auditor's Permanent Parcel Number 312-33-017 located at 11726-28 Detroit Avenue and <br />1385-87 Hird Avenue, Lakewood, Ohio (the "Project Site"); <br /> <br /> B. WHEREAS, the City intends to purchase the project site utilizing the Cuyahoga County <br />Brownfield Redevelopment Loan Fund as authorized by Ordinance No. adopted by City Council <br />on October ~, 2001; and <br /> <br /> C. WI~REAS, the College is willing to acquire the Project Site consisting of two (2) buildings, <br />from the City, to be redeveloped by the College; and <br /> <br /> D. WHRREAS, pursuant tO Ordinance No.. adopted by Lakewood City Council on <br />October ,2001, Lakewood City Council authorizes the City to enter into a Development.Agreement <br />with the College~ <br /> <br /> E. WHEREAS, the City and the College desire to enter into this Agreement to set forth their <br />agreement as to their respective rights and obligations with respect to the Project. <br /> <br /> NOW, THERI~ORE, in consideration of the mutual promises and covenants stated below and other <br />good and valuable consideration, receipt and sufficiency of which are hereby acknowledged, the City and the <br />College agree as follows: <br /> <br /> 1, Definitions. In addition to the other words and terms defined elsewhere in this Agreement, <br />for purposes of this Agreement the following words and term~ shall have the meanings given them in this <br />Section 1. <br /> <br />"Cuyahoga County Brownfield Redevelopment Loan" shall mean the moneys loaned to <br />the City by the Cuyahoga County Board of Commissioners for the purchase and <br />environmental remediation of the Project Site,-(identified by Resolution No. ). <br /> <br /> <br />