39-01 Development Agreement - Virginia Marti

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(b) At the time of acquisition of the Project Site by the College, the College shall pay to the City a One Hundred Thousand Dollar ($100,000.00) payment, which shall, in mm, be applied by the City toward repayment of the environmental remediation portion of the Cuyahoga County Brownfield Loan. 6. Plans and Specifications. The College shall prepare or cause to be prepared and file with the City the Plans and Specifications. no later than January 25, 2002. The Plans and Specifications shall be prepared and stamped by an architect licensed to do business in the State of Ohio and shall be in form satisfactory for consideration by the City and all of its commissions, boards and deparunents. The City agrees to examine all submittals of Plans and Specifications promptly and to cooperate, to the extent permitted by law, with the College in good faith so that all approvals, which are necessary or advisable for the constmcfi0n of the.Project, are granted, to the extent permitted by law, as expeditiously as possible by the City. 7. Redevelopment of the Project Site. (a) The Project shall consist of the redevelopment of the Project Site by the City and by the College as hereinafter described. The Project Site includes Building 1 (storefront building) and Building 2 (former theater), and the redevelopment shall include an expansion of the adjacent facilities of the College onto the Project Site. The approximate boundary lineS of the Project Site and the location of Building 1 and Building 2 are shown on the attached Exhibit B, which is incorporated herein by reference. (b) The City agrees that its redevelopment of the Project Site shall consist of the following: (i) the removal of all Asbestos-Containing Materials (ACM's) from Building 1 and Building 2; (ii) the demolition of Building 3 and backfill of the site with imported fill to match existing grade; and (iii) causing the issuance of a "No Further Action" letter from OF, PA regarding the Underground storage tank, ground water contamination and (ACM's) on.the Project Site. (c) After completion of the items described in the preceding paragraph Co), the College shall purchase the Project Site from the City for Two Hundred Sixty-Five Thousand Dollars ($265,000.00) in. accordance with the provisions of the Real Property Sale Agreement. The College shall completely rehabilitate and renovate Building 1 for additional office, retail and/or classroom space, including, but not limited to, interior improvements, complete facade renovation and establishment of off-street parking, in accordance with the Plans and Specifications herein described. Further, the College shall preserve Building 2 for future expansion and renovation for additional classroom space and its own auditorium. As part of the redevelopment, the College shall locate its. retail fabric store to Building 1. The College shall retain its eightY-five (85) current jobs (approximately twenty (20) full-time) within the City and create an additional eighteen (18) new jobs (10 full-time) in the City with an estimated total payroll of not less than $367,000 per year in accordance with the ED Fund Loan Agreement and as indicated on attached Exhibit C, which is incorporated herein by reference. All obligations specified in. this Section (6) of this Agreement, shall be completed by the end of the Development Period. 8. Project Schedule. The College shall provide the City with a project completion schedule within Sixty (60) days of execution of this Agreement setting forth the project milestones including an estimated cost of improvements.