8809-15 Authorizing agreement with Rockport Square LLC

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accordance with the "Updated Project Schedule" attached hereto as Exhibit G, for Phase 1B and Phase 3 of the Project; provided however, the City acknowledges and agrees that the Updated Project Schedule will accelerate or decelerate depending on market demand and will be adjusted by Developer in its good faith discretion to meet the Builder's timing on acquisition of lots for Residential Units. (L) Payments in Lieu of Taxes (1) During the period for which the Development Property and Additional Development Property (collectively, the "TIF'd Property ") is exempt from real property taxes pursuant to the TIF Ordinance (the "Exemption Period "), pursuant to the Act, the TIF Ordinance and any amendments or supplements thereto heretofore or hereafter adopted, the Developer, for itself and any successors in interest to the Developer Improvements and Additional Developer Improvements, or any pall thereof or interest therein (including the Builder and any successors in interest to the Budder, and each Unit Owner), hereby covenants and agrees to make (or cause to be made) semiannual Project Service Payments in lieu of real property taxes with respect to the Developer Improvements and Additional Developer Improvements pursuant to and in accordance i-ith the requirements of the Act and this Development Agreement and any amendments or supplements thereto. The obligation to make Project Service Payments shall run with the land. The Project Service Payments shall be made semiannually to the Treasurer of the County of Cuyahoga, Ohio (the "County "), or to the designated agent of the Treasurer of the County for collectiorof the Project Service Payments, on or before the date on which real property taxes would otherwise be due and payable for the Developer Improvements Arry-late Project Service Payments shall include interest and penalties at the same rate and in fhe same amount and payable at the same time as delinquent real property taxes. Each semianimi"roject Service Payment shall be in an amount equal to the real property taxes that would have charged and payable against the Developer Improvements and Additional Developer Improvements (6r such portion thereof as a Residential Unit Owner shall own) if an exemption from real property taxation had not been granted pursuant to the TIF Ordinance, plus all interest and_&alties thereon- for nonpayment, and shall otherwise be in accordance with the requirements of�the Act. In any year for which a portion of real property taxes are abated pursuant to the CRA=Orrdinance, the Developer and its successors and assigns shall pay as Project Service Payments only the unabated portion, if any, of such real property taxes. The Project Service Payments are anticipated to be made in such amounts as shown on Exhibit hereto. All Project Service Payments to be made by the Developer prior to sale of lots on which Residential Units will be located and with respect to any portion of the Project which is not designated as a lot for Residential Units shall be referred to herein as "Developer Service Payments." All Project Service Payments which are not Developer Service Payments shall be the sole responsibility of the owners of Residential Units. (2) It is intended and agreed, and it is provided in a Declaration of Restrictive Covenants, that the covenants provided in this Section 5(L) shall be covenants running with the land and that they shall, in any event and without regard to technical classification or designation, legal or otherwise, be binding to the fullest extent permitted by law and equity, for the benefit and in favor of and enforceable by the City, whether or not this Development Agreement remains in effect and whether or not such provision is included in any succeeding deed to the Developer's successors and assigns. It is further intended and agreed that these (03163827.DOCX;6 ) 11727136.4 (2026928v2) 9