39-01 Development Agreement - Virginia Marti

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"Development Period" shall mean the period of time commencing at the time of acquisition of the Project Site by the College and ending on the twelve (12) month anniversary of such date. "ED Fund" shall mean the Economic Development Fund of the City. "OEPA" shall mean the Ohio Environmental Protection Agency, an agency of the State of Ohio. "Plans and Specifications" shall mean the plans and specifications relating to the College's redevelopment of the Project Site by the College, as further described in Section 5 hereto. "ProjeCt" shall mean the redevelopment project described in Section 6 of this Agreement. "Real Property Sale Agreement" shall' mean the Sale Agreement, dated as of the date of this Agreement, between the City, as seller, and the College, as purchaser, as the same may be amended from time to time. "Voluntary Action Remediafion Plan" shall mean all environmental remediation actions described in Exhibit A to this Agreement, 2. Acquisition of the Project Site. The City shall purchase the Project Site subject to final approval by the CuYahoga County Board of Commissioners for the Cuyahoga County Brownfield Redevelopment Loan. 3. Environmental Remediation. Prior to the acquisition by the College of the Project Site pursuant to the Real Property Sale Agreement, the City shall take all environmental remediation actions as described in the Voluntary Action Program Remediation Plan, attached hereto as Exhibit A. 4. Sale and Purchase of the Proiect Site. Upon the City's completion of the Voluntary.Action Remediation P1an, the City shall sell the Project Site to the College, and the College shall purchase the Project Site from the City, in accordance with the provisions of, and for the purchase price of Two Hundred Sixty-Five Thousand Dollars ($265,000.00) as set forth in the Real Property Sale Agreement, dated as of the date of this Agreement. 5. Financial Considerations. (a) In consideratiOn of the execution and delivery of this'Agreement and the Real Property Sale Agreement, the City shall make a loan, which shall be a "forgivable loan" as hereinafter described and subject to satisfaction of specified conditions set forth in the Economic Development Fund Loan Agreement between the City and the College, dated as of the date of this Agreement, to the College in the amount of One Hundred Thousand Dollars ($I00,000.00) from the ED Fund (such loan hereinafter referred to as the "College ED Loan". In accordance with the provisions of the College ED Loan, the City shall forgive twenty (20%) percent of the College ED Loan each consecutive year commencing with the date on which the College acquires the Project Site and continuing until the first to occur of (a) the balance of the College ED Loan is $-0-, or (b) the College fails to comply with its obligations under this Agreement with respect to the redevelopment of the Project Site.